MNI DATA IMPACT: US ISM March Rebound, But Q1 Still Weak

By Shaily Mittal

     LONDON (MNI) - ISM MANUFACTURING PMI 55.3 MAR VS 54.2 FEB

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- PMI 55.3 MAR vs Bbg Cons 54.5 ; MNI Median 54.6 

- PRICES PAID INDEX 54.3 MAR VS 49.4 FEB (NSA)

- NEW ORDERS INDEX 57.4 MAR VS 55.5 FEB

- EMPLOYMENT INDEX 57.5 MAR VS 52.3 FEB

- PRODUCTION INDEX 55.8 MAR VS 54.8 FEB 

- SUPPLIER DELIVERY INDEX 54.2 MAR VS 54.9 FEB

- ORDER BACKLOG INDEX 50.4 MAR VS 52.3 FEB (NSA)

- INVENTORIES INDEX 51.8 MAR VS 53.4 FEB (NSA)

- CUSTOMER INV INDEX 42.7 MAR VS 39.0 FEB (NSA)

- EXPORTS INDEX 51.7 MAR VS 52.8 FEB (NSA)

- IMPORTS INDEX 51.1 MAR VS 55.3 FEB (NSA)

- March bounce back in ISM PMI primarily lead by the Employment component.

- Biggest monthly jump in the Employment component since November 2015.

- Prices component also rebounded in March after two months in contraction

territory.

- Despite the bounce back in March, quarterly data shows business confidence

among manufacturing firms has weakened significantly in Q1. PMI data averaged

55.4 in Q1, the lowest level since Q4 2016. 

- Inventories was the only component that increased on the quarter. 

- Inflation saw a sharp slowdown, as indicated by the Prices Paid component

falling 18% on the quarter and 32% on the year.

--MNI London Bureau; tel: +44 203-586-2224; email: shaily.mittal@mni-indicators.com