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US Manufacturing Growth Slips in March

The Institute for Supply Management (ISM) PMI Index fell -1.5 points in March to 57.1, its lowest reading in 18 months, indicating slower expansion (a reading above 50.0 is consistent with growth).  The index has been in a very shallow downtrend since a near-term peak last March.  The largest decreases were in New Orders (-7.9 to 53.8), Backlog of Orders (-5.0 to 60.0), Production (-4.0 to 54.5) and New Export Orders (-3.9 to 53.2) while Prices (+11.5 to 87.1) saw the largest growth.  According to ISM “the U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment.”  See the full report here.

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