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.
