By Vince Golle
US factory activity contracted in March for the first time this year and prices accelerated sharply for a second month as the drumbeat of higher tariffs reverberated through the economy.
The Institute for Supply Management’s manufacturing index declined 1.3 points last month to 49, according to data released Tuesday. Readings below 50 indicate contraction and the figure was slightly weaker than the median production in a Bloomberg survey of economists.
The group’s price measure increased to the highest since June 2022. Over the past two months, the gauge has increased 14.5 points, the most over a comparable period in four years.
The ISM index of factory orders slumped to the lowest level since May 2023. Along with a bigger contraction in order backlogs, the drop in bookings caused production to shrink for the first time this year. Factory employment contracted at the fastest pace since September.
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