Birthday boy or not I disagree with the boss on the ISM
It’s a sizable jump from the 51.6 we saw in Feb and the components underneath are anything but weak. We’ve been banging on about poor employment figures in the PMI and this one went through the roof, not only from less contraction but well into expansion.
Orders were up new orders and new export business (49.5 vs 47.5 prior). Backlogs dropped and prices rose.
It doesn’t scream boom times but it most certainly washes out the weather factor.
Here’s what ISM’s Anthony Nieves had to say;
- Employment gauge rises most on record, was slowed by the weather
- Respondents see continued slow growth period but improvement in coming months
- Weather was a strong factor in prior months
- Some things were put on hold by the weather
Ok ok, enough of the weather Mr Nieves.
Unsurprisingly given the weather, the report lists road salt and beef trimmings as the commodities in short supply.
News you can’t use.
