We estimate March manufacturing ISM of 54.4, slightly higher than the 54.0 consensus, and somewhat of an improvement from February's 53.2. After seeing improvements in some of regional manufacturing survey results, especially in the Philadelphia Fed survey, combined with so-called 'weather factor', which may have created a so-called pent-up demand the last couple of months, we think there was a slightly bigger 'bounce' in March than what many economists have estimated. We note that even with our more 'optimistic' projection of this widely-followed macro indicator, we continue to believe that the overall equity market is overvalued. The manufacturing ISM index will be released on April Fools' Day at 10am(EST).
We will provide our estimate for BLS' employment report (to be released on Friday, 4/4, at 8:30am(EST)) on Wednesday afternoon, 4/4.
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