The index of business activity in the US industry in March fell to a minimum since 2020
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The business activity index (PMI) in the US industrial sector in March amounted to 46.3 points. Such data introduced today, April 3, Institute of Supply Management (ISM). This is the lowest figure in almost three years since May 2020. In February, PMI was 47.7 points. Analysts polled by Reuters had expected it to hit 47.5 points in March.
A PMI above 50 points reflects an increase in activity, and below – its slowdown. The US manufacturing PMI has been below 50 for the fifth month in a row. The decline in PMI reflects, among other things, general economic uncertainty, and the number of new orders in the industry is also negatively affected by the ongoing increase in the Fed’s key rate.
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