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