Research Team at Nomura, notes that the US ISM manufacturing showed a meaningful pickup in February, increasing by 1.3 points to 49.5.
“Although a reading below 50 suggests manufacturing activity is still contracting, the pace of the decline seems to be slowing. Also, the details of the report were positive with measures of current activity such as the production and new orders indexes remaining above 50.
Results from regional manufacturing surveys in March paint a brighter picture in the manufacturing sector. Taken together with the recent pickup in commodity prices, the industrial sector may be on the verge of reaching a turning point. We believe the ISM manufacturing index will make further progress toward 50 and edge higher to 49.8 in March.”
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