(ISM) The economic activity in the US manufacturing sector slowed in March, with the PMI at 57.1% in March, down by 1.5% from Feb. and the lowest reading since September 2020.
Major indicators went lower, with the New Orders Index at 53.8% in March, down by 7.9 percentage points from the previous month. The Production Index fell by four percentage points to a lower 54.5%.
The Backlog of Orders Index was five percentage points below February, with the gauge at 60% in March.
The New Export Orders Index fell by 3.9 percentage points to 53.2%, while the Imports Index declined by 3.6 percentage points to 51.8%.
The Employment Index was at 56.3%, increasing by 3.4 percentage points from February.
The Supplier Deliveries Index declined by 0.7 percentage points to 65.4%, while the Inventories Index rose by 1.9 percentage points to 55.5%.
ISM Chair Timothy R. Fiore says the slower growth in manufacturing reflected waning demand due to extended lead times and softening consumption at the back of labor force improvement.
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