The US Manufacturing ISM was delayed because of the deliveries, not the Index, as Jennifer Lee from BMO Capital Markets Economics notes.
Key quotes
"We see the U.S. manufacturing PMI slipping just one point to 49.1 in March to only a 3-month low. Don't be fooled by the headline. The main components told a much starker tale."
"New orders were at the lowest level since March 2009 and only nine industries reported growth. Production tumbled as well, but only to a 3-month low. Inventories continued to contract (at 46.9) and employment fell 3.1 pts to 43.8, the lowest since May 2009."
“Supplier delivery delays, that weird component that adds to the headline the further above 50 it goes. The supplier delivery delays component jumped 7.7 pts to a 22-month high of 65.0.”
“Note that there are five equally-weighted components that make up the headline; excluding supplier delivery delays, the ISM would be somewhere around 45.”
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