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| ISM March Manufacturing Data (#1) - Apr. 3, 2006 |
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Summary
Earlier this morning, the Institute for Supply Management reported a modest decline during March in its index designed to measure the economy's manufacturing activity. The consensus estimate had been looking for a modest improvement.
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* The Institute for Supply Management reported earlier today that its index designed to measure the economy's manufacturing activity ("PMI") fell to 55.2 in March, modestly worse than February's reading of 56.7.
* The March result fell below a consensus estimate that had been looking for something around 57.5.
* In March of 2005, the PMI stood at 55.3, 0.1 points or 0.2% above the latest result.
* For March of 2006, the prices-paid component rose to 66.5, an increase of 4.0 points or a meaningful 6.4% from February's 62.5. Therefore, this key area remained at a high level by historical standards. The March reading stood 18.0 points or 37.1% above its recent low of 48.5,set last July.
(NOTE: Overall index and sub-index readings above 50.0 indicate expansion; readings below 50.0 indicate contraction.)
* On Wednesday (4/5), ISM will release March data for its service-sector index. At that time, I will publish a detailed analysis of March results for both ISM indexes.
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