USA: 5th District Manufacturing Halts Decline Streak.

The Federal Reserve's Fifth District manufacturing index rose by 10 points from the previous month to 0 in March of 2026, ahead of market expectations of a -5. The result reflected an unchanged level of manufacturing activity in the district, the first period without a contraction since February of the previous year despite pressure from the surge in energy prices since the outbreak of war in the Middle East during the month. Shipments contracted less (-2 vs -13 in February) amid a rebound in the volume of new orders (4 vs -9). Likewise, the pace of staff reduction fell sharply (-2 vs -7), although wage growth eased (14 vs 18) despite remaining sharp. In the meantime, prices paid decelerated (6.11 vs 6.52) despite the surge in wholesale energy commodities. Looking ahead, shipments (26 vs 29) and new orders growth (30 vs 35) eased but remained strong.