New PMI data shows manufacturing strength while services lag, markets eye signs the economy may be holding up better than feared. Another TACO is coming.

MACRO DATA JUST DROPPED

• Manufacturing PMI 52.4 vs. Est. 51.3
• Services PMI 51.1 vs. Est. 51.5
• Composite PMI: 51.4

This should ease the recession fears that started creeping into the market last week and suggests the bear case may have gotten ahead of itself.

S&P PMI: "The PMI data are indicative of GDP rising at an annualized rate of just 1.0%, with a modest 1.3% expansion signalled for the first quarter as a whole. The survey’s price gauges meanwhile point to consumer price inflation accelerating back to around 4%, hinting at a…

— zerohedge (@zerohedge) March 24, 2026

Another 🌮 is coming.

Be prepared https://t.co/ySGwugRPIr

— Jake Wujastyk (@Jake__Wujastyk) March 24, 2026