US S&P Global Manufacturing PMI Final (Mar) 52.3 vs. Exp. 52.4 (Prev. 51.6)
The final March S&P Global Manufacturing PMI coming in slightly below expectations at 52.3, though up from 51.6, indicates resilience in the US manufacturing sector amid geopolitical tensions.
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US ISM Manufacturing Employment (Mar) 48.7 (Prev. 48.8)
US ISM Manufacturing Prices (Mar) 78.3 vs. Exp. 72.5 (Prev. 70.5, Low. 71, High. 80)
US S&P Global Manufacturing PMI Final (Mar) 52.3 vs. Exp. 52.4 (Prev. 51.6)
Iran says Strait of Hormuz won't reopen based on Trump's 'absurd' display and only Iran and Oman will decide the future of the Strait of Hormuz
US EQUITY OPEN: Stocks gain at the open as Trump suggests will be leaving Iran in two weeks or maybe three weeks
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- “Faster growth of output in March points to encouraging resilience for US manufacturing in the face of the outbreak of war in the Middle East. Business confidence regarding output in the year ahead has also so far held up well. This sustained resilience in part reflects reduced concerns over government policies such as tariffs, but also indicates that producers anticipate only a short-term and modest impact from the war, which is clearly uncertain."
- “It remains early days in terms of the impact of the conflict, and a sharp rise in prices and delivery delays has cast a cloud over the outlook, threatening to drive inflation higher, dampen demand and throttle supply chains. Factory input costs have already jumped higher on the back of surging oil prices and supplier delays have become more widespread than at any time since October 2022, linked to the war exacerbating existing shipping, haulage and port delays."
- “Some manufacturers are hence reporting stock building as a precaution against future price rises or supply shortages, and hiring has almost stalled in order to reduce staffing costs, underscoring the growing concern about how the war might cause problems for factories in the coming weeks. If price pressures and supply delays persist, demand, employment and production capabilities will inevitably start to be more seriously affected.”
Context
While faster output growth and stable business confidence are positives, rising input costs and delivery delays due to the conflict could threaten inflation and overall demand going forward.
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