Scoreboard: Treacherous storm

Wall Street was pummelled by bad manufacturing figures - though the impact of poor weather augurs a rebound.

The United States ISM index fell five points from 56.5 to 51.3, sparking carnage on global markets overnight. And it was messy – especially on Wall Street. The thing is, respondents frequently cited poor weather for the drop-off in activity, which was significant – the biggest fall since 2011. New orders fell 13 percentage points and production was down almost 7 per cent. The employment index was also weaker and about the only area showing a lift was the prices component, which shot up 7 per cent to 60.5. The impact of poor weather on the result almost certainly suggests a rebound in the ISM in coming months, but in the meantime investors are spooked – especially given the lacklustre payrolls report we saw. 

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