ISM & PMI start their slide

We now have the ISM data for the US for March, as well as the final estimates for the March PMIs.  The March PMI for services fell sharply (remember that it is services which have been more severely affected than manufacturing), but the ISM measure for services didn't fall by the same amount.  There is no doubt, though, that the ISMs & PMIs for both services and manufacturing will fall again in April.