The ISM report for March was released. Although it was bad, it was better than expected. Then again March was the beginning of the shut down so April will be worse. The number fell to 49.1% from 50.1%. It was expected to fall to 44%. Most factories felt the collapse of orders so the new orders section fell to 44% down 7.6 points from the prior month.

Manufacturing for certain items increased – food, toilet paper, sanitizers and of course medicines and safety equipment. That is small comfort. The numbers will get a lot worse before they get better.

The service sector ISM will come out Friday and it is expected to fall hard to 42.7% from 57.3%. As we will be far below 50%, we are in recession territory.