Ouch! That March ISM is going to leave a mark ...
New orders? Down to 51.6 from 54.9.
Employment? Down to 48.7 from 51.1. That's the lowest since May 2005, when it was also 48.7. We haven't had a worse reading since October 2003.
And what about inflation? The prices paid index surged to 65.5 from 59. That's the worst reading since August 2006.
Hmmm ... Is that economic napalm I'm smelling this morning?