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Surprising Strength in ISM Manufacturing Data Weighs on Stocks and Bonds 

um editor

UM Editor

April 2, 2024 at 1:13 pm

The manufacturing sector in the United States experienced a positive turnaround in March, as indicated by the ISM Manufacturing Purchasing Managers’ Index (PMI). The index rose to 50.3, up from 47.8 in February, surpassing market expectations of 48.4. It marked the first expansion in the manufacturing sector after 16 consecutive months of contraction. (A PMI reading above 50 indicates expansion) 

The data revealed encouraging trends in demand, with the new orders index (51.4) and the new export orders index (51.6) both showing expansion compared to the previous month’s figures of 49.2 and 51.6, respectively. However, backlogs (46.3) remained in moderate contraction. 

Notably, manufacturing companies increased their production levels, with the production index rising to 54.6 from 48.4 in the previous month. However, employment numbers continued to decline, with the employment index at 47.4, compared to 45.9 in the previous month. 

Despite the positive signs, prices continued to rise moderately, with the prices index climbing to 55.8 from 52.5, driven by unstable commodity costs. 

(Manufacturing PMI, Institute for Supply Management) 

The solid U.S. factory data strengthened the belief that the Federal Reserve would maintain a cautious approach to cutting interest rates. After the Easter weekend, the yield on the 10-year U.S. Treasury note jumped to 4.3%, the highest level since reaching an over-three-month high of 4.34% on March 18th. The yield hike brought pressure to stocks, with the S&P 500 losing 0.2% and the Dow Jones falling 240 points (-0.60%), pulling back from its historic 40,000 level. However, the Nasdaq added 0.1%, supported by gains in shares of AMD and Micron Technology. 

(US 10-Year Treasury Bond Yield) 

Disclaimer  

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided. 

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