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Manufacturing Slumps, Prices Rise

Postcard depiction of the American Car and Foundry Company’s Milton, PA plant, 1909

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ISM manufacturing fell while producer prices rose, as the planned-stagflation of the Biden regime continues on to the destruction of the American economy. New orders were especially weak.

This comes on the heels of rapidly rising energy prices due to Biden regime domestic policy and international tensions.

Unemployment dropped but labor participation fell. So, as less people looked for work, less people were ‘unemployed’.

We continue to think economic data right now is essentially worthless as the Biden Administration can be trusted about as much as communist China.

Average Hourly Earnings (MoM)(Mar) printed at the estimate of 0.4%.

Average Hourly Earnings (YoY)(Mar) printed at 5.6% vs 5.5% consensus estimate.

Average Weekly Hours (Mar) printed at 34.6 vs 34.7 estimate.

Labor Force Participation Rate (Mar) printed at 62.4% vs 62.2% estimate.

Non-farm Payrolls (Mar) printed at 431k vs 490k estimate.

U6 Underemployment Rate (Mar) printed at 6.9%.

Unemployment Rate (Mar) printed at 3.6% vs 3.7% estimate.

S&P Global Manufacturing PMI (Mar) printed at 58.8 vs 58.5 estimate.

Construction Spending (MoM) (Feb) printed at 0.5% vs 1.0% estimate.

ISM Manufacturing Employment Index (Mar) printed at 56.3 vs 53.7 estimate.

ISM Manufacturing New Orders Index (Mar) printed at 53.8 vs 59.8 estimate.

ISM Manufacturing PMI (Mar) printed at 57.1 vs 59 estimate.

ISM Manufacturing Prices Paid (Mar) printed at 87.1 vs 80 estimate.

Baker Hughes US Oil Rig Count printed at 533.

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