US ISM manufacturing index at lowest level since 2020

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Manufacturing activity in the US surprisingly slowed in March as supply chain woes increased input costs.

ISM manufacturing PMI fell to 57.1 from 58.6 in March. The expectation of economists participating in the Bloomberg survey was 59. The index’s value above 50 indicates growth in the sector.

The new orders index decreased to 53.8 from 61.7 in February, while the employment index rose to 56.3 from 52.9. The prices paid index rose 11.5 points to 87.1, the biggest monthly increase since the end of 2020.

The report showed that capacity constraints had begun to moderate.

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