Pantheon Macroeconomics - In the wake of the uptick in the March ISM manufacturing survey, we think today's official production data for the same month are likely to disappoint. Our model of the month-to-month output numbers incorporates the ISM data, but it is substantially driven by manufacturing hours worked, which fell in both February and March.

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15 Apr. 2016 Downside Risk to March Output, but Worst is Over - Gains Ahead

By Ian Shepherdson

In the wake of the uptick in the March ISM manufacturing survey, we think today's official production data for the same month are likely to disappoint. Our model of the month-to-month output numbers incorporates the ISM data, but it is substantially driven by manufacturing hours worked, which fell in both February and March.

Posted: 15th Apr 2016 in 'U.S. Documents'

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