US ISM Manufacturing PMI Fell to 3-Year Low in March, with Sub-Indexes Falling below 50 for the First Time since 2009

U.S. manufacturing activity fell to its lowest level in nearly three years in March as new orders fell sharply, and analysts said tightening credit conditions could lead to a further decline in manufacturing activity.

The survey released by the Institute for Supply Management (ISM) on Monday showed that all sub-indices of its manufacturing purchasing managers index (PMI) fell below 50 for the first time since 2009.

The ISM manufacturing PMI in the United States in March was 46.3, compared with the expected 47.5 and the previous value of 47.7, the lowest level since May 2020.