The economic activity in the US manufacturing sector continued to contract at an accelerating pace in March with the ISM Manufacturing PMI dropping to 46.3 from 47.7 in February. This reading came in worse than the market expectation of 47.5.
Further details of the publication revealed that the New Orders Index declined to 44.3 from 47 and the Employment Index edged lower to 46.9 from 49.1. Finally, the inflation component, Prices Paid Index, fell to 49.2 from 51.3, compared to analysts' estimate of 53.8.
Commenting on the report, "with Business Survey Committee panelists reporting softening new order rates over the previous 10 months, the March composite index reading reflects companies continuing to slow outputs to better match demand for the first half of 2023 and prepare for growth in the late summer/early fall period," said Timothy R. Fiore, Chair of the Institute for Supply Management.
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