The ISM Manufacturing PMI in the United States increased to 50.3 in March 2023 from 47.8 in February and beat market expectations of 48.4. There were positive trends in demand with indicators such as the new orders index (51.4 vs 49.2 in February) and the new export orders index (51.6, the same as in February) showing growth while backlogs (at 46.3) continued to decline. Meanwhile, prices have risen moderately to 55.8 from 52.5 driven by volatile commodity prices.