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Two Surveys Diverged In A Star-Spangled Wood
There was some hope that this week's final US macro release would suggest America's manufacturing malaise ended in February. Alas.
The ISM headline printed a decidedly underwhelming 47.8 on Friday, disappointing consensus which wanted 49.5 from the marquee survey.
The range of estimates was 47.8 to 51.5. An expansion-territory print would've been the first in 16 months. Instead, the headline matched the lowest estimate from more than five-dozen "experts."
Meanwhile (and by contrast) the fin
