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As we have been highlighting over the past couple of weeks, soft manufacturing data for the month of March from regional Federal Reserve districts was horrendous with several record lows and record month over month declines. The ISM Manufacturing index for March was not nearly as bad. Forecasts were calling for the headline number to fall to 45 from 50.1 in February. That would have been the lowest level for the index since May of 2009. Instead, it only fell to 49.1 which is still a contractionary reading but much better than expected and actually