Headline ISM 49.1 vs F/C of 44.5 a shocker for sure. Talk that one of the Components,Supplier delivery time, may have had an Out sized positive impact on Overall Index , regardless hard to believe in validity of Headline number. Commentary from ISM regarding Employment
— Orders and employment at U.S. factories
contracted in March at the quickest pace in 11 years as
producers grappled with pandemic-related demand destruction,
Institute for Supply Management data showed Wednesday.
The purchasing managers group’s gauge of bookings tumbled
7.6 points to 42.2, the lowest since March 2009, while its
employment index slid to 43.8, the weakest since May of that
year. Readings less than 50 indicate shrinking activity
price paid or Inflation dipped to lowest level since 2016 .I will say that the Services sector has been hit a bit harder and we can see how hard in tomorrows non Manufacturing ISM. The problem with Economic releases is that if they are better then expected hard to believe and if Worse then Expected no suprise, thus very little reaction in markets when Numbers are released.