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Source: Institute for Supply Management Source: Federal Reserve <br />Manufacturing <br />The Institute for Supply Manage ment (ISM)manufacturingindex fell to an 18-month low of 57.1 in March from 58.6 in February due to surging <br />energy and commodities prices triggered by Russia's invasion of Ukraine. Readings above 50.0 are indicative of expansion in the manufacturing <br />sector.On a month-over-month basis,the Industrial Production index rose 0.5%in February,following a 1.4%increase in January. Capacity <br />utilization rose to 77.6%in February,up from 77.3%in January.Although capacity utilization remains below its longer-run average of 79.6%,it <br />is running above the pre-pandemic level of 76.3%. <br />40 <br />42 <br />44 <br />46 <br />48 <br />50 <br />52 <br />54 <br />56 <br />58 <br />60 <br />62 <br />64 <br />66 <br />Institute of Supply Management Purchasing Manager Index <br />EXPANDING <br />CONTRACTING <br />-20.0% <br />-15.0% <br />-10.0% <br />-5.0% <br />0.0% <br />5.0% <br />10.0% <br />15.0% <br />20.0% <br />Industrial Production <br />YOY( %) Change9