The Institue for Supply Management's (ISM) Manufacturing PMI in March declined to 49.1 from 50.1 in February, beating market forecasts of 44.9. The reading pointed to a contraction in the factory sector as the coronavirus pandemic and shocks in global energy markets have impacted all manufacturing sectors. However, investors should keep in mind that today's report is not fully reflecting the impact of the coronavirus on the US economy. Therefore despite the better than expected reading the major equity indexes in the US failed to stage a rebound.
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