March 31 (Bloomberg) -- The Institute for Supply Management-Chicago Inc. said today its business barometer fell to 58.8 from 62.6 in February. Readings greater than 50 signal expansion. Economists projected the index would fall to 61, according to the median of 54 projections in a Bloomberg News survey. Estimates ranged from 58 to 64.4.
Most of the drop appears to be associative to order backlog which is understandable as the employment index ticked up...and prices paid...every other components appears steady to stroig...production still over 60...new orders still over 60...
A positive contributor but what could be a negative going forward was a HUGE jump in inventories.
All in all it is more evidence of steady growth in manufacturing.
