The ISM unexpectedly returned above the boom/bust-mark for the first time since September 2022

Markets It was all about the March US manufacturing ISM yesterday. The ISM unexpectedly returned above the boom/bust-mark (50) for the first time since September 2022! The increase from 47.8 to 50.3 (vs 48.3 expected) came on account of higher production (54.6 from 48.4), rising new orders (51.4 from 49.2), a smaller contraction in inventories (48.2 from 45.3) and rising input prices (55.8 from 52.5; strongest pace since July 22). Manufacturing jobs were cut for a six straight month though …