by Tyler Durden
Following February’s very mixed picture (Services soared, Manufacturing tumbled), PMIs were expected to revert modestly in March (especially following this morning’s collapse in German PMI).
However, just like Germany, US Services and Manufacturing PMIs dropped notably more than expected:
US Manufacturing PMI prints 52.0, down from 53.0 (and expectations of 53.5) – 21-month low
US Services PMI prints 54.8, down from 56.0 (and expectations of 55.5)
Manufacturing PMI continues to track hard data lower…