Last two mfr'g surveys remain in contraction/"I am thinking of closing the company"
The final two regional manufacturing surveys ahead of tomorrow’s national ISM index reflect a contraction that continued in March. The Chicago index printed 47.6 and while up from 45.5 it is below 50 for 16 straight months. Production was a bright spot, rising by 8.8 pts to the highest since December 2023 and above 50 for the first time since June 2024. Employment is still lagging with this index only slightly above the lowest level since June 2020. Prices paid were little changed, down .4 pts but “keeping the reading the 2nd highest print since August 2022. No respondents reported lower prices for the 2nd consecutive month.” New orders were little changed.
Keep in mind that this survey ended on March 17th so does not reflect last week’s auto tariff news and where this survey would cover Detroit.
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