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Final March Mfg PMI Doesn't Move Dial Ahead Of ISM Survey

US DATA
  • A minimal revision for the finalised S&P Global US manufacturing PMI (at 49.2 vs 49.3 flash, up from 47.3 prior) doesn’t move the dial ahead of the upcoming ISM manufacturing release.
  • It continues to point to upside risk for the ISM, but other indicators are mixed with the MNI Chicago PMI implying little change and the regional Fed mfg surveys continuing to point to some downside risk.
  • Softer price pressures though: “Manufacturers also engaged in cost-cutting initiatives as input buying and pre-production inventories fell. Weak demand for materials drove the quickest improvement in lead times on record. This, in part, supported a softer uptick in cost burdens as suppliers were able to offer lower prices for some items. Subsequently, and in an effort to drive sales, firms moderated hikes in selling prices.”

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