The ISM (Institute for Supply Management) manufacturing survey fell in March, but by less than most people (including me) expected. Remember though that it is services which have falling sharply. Usually, it is manufacturing and construction which lead the cycle, because of the inventory cycle. This time round, because lockdowns and border closures have directly affected services such as air travel, hotels, and retail trade, it is services which are leading the economy lower. The ISM for services won't be out for a couple of days.
As usual, the thick green line gives you the closest approximation (given the data) to what is really happening. (Apart from the services/manufacturing issue, of course) Note, as with other countries, how the tentative economic recovery which had begun has ended.
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