Global Manufacturing Slumps in March

The Institute for Supply Management's manufacturing activity fell to 46.3, the lowest since May 2020's 47.7, indicating contraction for four straight months. The survey confirms that the economy is coming off 2022's high boil, despite a continued robust job market and other signs of strength. The details of the ISM data look not so much recessionary, but more like things coming into a healthier balance in manufacturing. However, several categories of goods have continued shortages, particularly electronic components, and the supply chain disruption is still significant compared to pre-pandemic conditions.