2024-04-01 13:50:00 ET
Summary
- The ISM manufacturing index surprised everyone by moving into growth territory for the first time since late 2022 with production jumping, new orders rising and inflation pressures increasing.
- Markets interpreted that as reducing the chances of meaningful Fed rate cuts, but construction was much weaker and there are a lot of jobs numbers still to come.
- The headline reading of 50.3 was up from 47.8 and was also well ahead of the consensus expectation of 48.3.
US ISM surprises repeats the surprise strength seen in China
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The Return Of U.S. Manufacturing Growth Lifts Optimism