U.S. ISM manufacturing index likely to have dropped further to 35 in April

The U.S. ISM manufacturing index data for the month of April is set to release tomorrow. According to a TD Economics research report, the index is likely to have dropped sharply 35 in April from March’s 49.1. The March figure was the lowest since the financial crisis.

Markit has already hinted at a sharp decline. Three regional surveys (NY Empire, Philadelphia and Kansas City) have also signaled a sharp fall: the three surveys average 32.4 on an ISM-equivalent basis.