US manufacturing sector contracts again; ISM PMI down in March

03 April 2023

 

Summary: ISM PMI down in March, below expectations; ISM: US manufacturing sector contracts again; US Treasury yields down, expectations of Fed rate rises over next six month firm, softer for 2024; manufacturing among most rate-sensitive sectors; encouraging news on goods inflation; ISM: reading corresponds to 0.9% US GDP contraction annualised. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then...

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