U.S. ISM Manufacturing
A significant contributor to the decline came from the Inventory Index, which fell to 46.7 from last month’s 52.0. Conversely, the New Orders Index rose to 52.4 from 49.6 last month, the strongest reading for that Index since April.
Let’s take a look within the report:
• ISM Manufacturing Index fell to 50.8 from 51.6 last month.
• Prices paid fell to 41.0 from 56.0 last month – confirming global inflation is on the decline.
• Production fell to 50.1 from 51.2 last month.
• New orders rose to 52.4 from 49.6 – the best component within the report.
• Imports fell to 49.5 from 54.5 last month.
• New export orders fell to 50.0 from 53.5 last month.
• Employment fell to 53.5 from 53.8 last month.
• Inventories fell to 46.7 from 52.0 last month.
• Customer inventories fell to 43.5 from 49.0 last month.
MARKET CONSEQUENCE: Similar to the October China PMI, there is not enough in ISM Manufacturing’s headline figure to return the market to October’s appreciative path.
U.S. ISM Year to Date