Keeping you up to date on the latest data releases.
- ISM Manufacturing
The ISM Manufacturing Purchasing Manufacturers Index (PMI) decreased 2.9 percentage points (pp) in March to 51.3 percent (from 54.2 percent in February) but is still the fourth consecutive month above the growth threshold of 50.0. The March PMI has also surpassed the 2012:Q4 average of 50.6 percent, but fell slightly below its 2012 average of 51.9 percent. The 2013:Q1 PMI average is 52.9, beating both the 2012 and 2012:Q4 average due to a strong January and February. Four of the five components that make up the PMI decreased in March. Specifically, new orders were down 6.4 pp to 51.4 percent, production was down 5.4 pp to 52.2 percent, supplier deliveries was down 2.0 pp to 49.4 percent, and inventories was down 2.0 pp to 49.5 percent. Employment, the fifth component of PMI, increased by 1.6 pp to 54.2 percent. Although four of the five components that make up the PMI decreased, three of them—new orders, production, and employment—were still above the growth threshold of 50 with just supplier deliveries and inventories coming in below. The rest of the report showed a somewhat strong position within the manufacturing sector with a notable change in prices decreasing 7.0 ppt. to 54.5 percent.