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mpc: 8 US growth appeared still to be robust, and in recent months outside forecasters had been revising up their projections for GDP growth in 2005. On the output side, the Institute for Supply Management's (ISM's) manufacturing PMI changed little in March, while the ISM index for non-manufacturing rebounded; the level of both indices remained consistent with above-trend growth rates. On the expenditure side, real consumption in January and February had been well above its average Q4 level. Although the March non-farm payrolls figure had been lower than expected, which might have contributed to the slight weakening in consumer confidence, past gains in employment, equity and housing wealth were likely to help to sustain household spending growth. Investment growth also seemed likely to remain strong, despite the ending of the depreciation tax allowance, with new orders and shipments of non-defence capital goods remaining close to historically high levels in January and February. The US current account deficit had been over 6% of GDP in 2004 Q4 and the growth of import demand was likely to stay high.