According to the National Association of Manufacturers’ (NAM) Monday Economic Report this week, the S&P Global Flash U.S. Manufacturing PMI fell slightly from 52.7 in February to 49.8 in March, dropping below the 50-point marker that signals deterioration in business conditions. Manufacturing output fell into decline, contrasting sharply with the gains seen in the first two months of the year (February’s rise in output was the largest recorded since May 2022). Factory production fell for the first time this year, with employment also declining for the first time since last October. Inventories fell in March as well as slowing of new orders growth.