US ISM manufacturing dropped from 58.6 to 57.1 in March, below expectation of 58.4. Prices jumped from 75.6 to 87.1, above expectation of 76.0. Employment also rose from 52.9 to 56.3, above expectation of 53.7.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for March (57.1 percent) corresponds to a 2.9-percent increase in real gross domestic product (GDP) on an annualized basis.”
