US ISM Manufacturing PMI jumped to 64.7 in March, up from 60.8, above expectation of 61.0. That’s also the highest level since December 1983. Looking at some details, new orders rose 3.2 to 68.0. Production rose 4.9 to 68.1. Employment rose 5.2 to 59.6. Prices dropped -0.4 to 85.6.
ISM: “The past relationship between the Manufacturing PMI® and the overall economy indicates that the Manufacturing PMI® for March (64.7 percent) corresponds to a 6.2-percent increase in real gross domestic product (GDP) on an annualized basis.”