HFE says March ISM fell to 61.2 but is still very robust. Headline is consistent with GDP growth of about 6% but a lagging small business sector means GDP is slower. "ISM details are slightly disappointing, because the key new orders index dropped to 63.3 from 68.0, and that's enough to signal the headline slipping to 58 or so in the next couple of months. This might be due to the earthquake in Japan; note the export orders index dropped to a three-month low."