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Finalized US Mfg PMI Doesn’t Move The Needle Ahead Of ISM

US DATA
  • The S&P Global US manufacturing PMI was unrevised in the finalized June reading at 46.3 (as expected), confirming its decline from 48.4 in May. It holds just above the post-pandemic 46.2 of Dec’22.
  • The monthly decline was underpinned by a marked contraction in new orders, with its sharpest of the year and second-fastest in over three years.
  • Progress in price components from the press release: “On the price front, cost burdens fell at the fastest pace for over three years. Weak demand conditions, meanwhile, led to broadly unchanged output charges on the month as firms sought to attract new sales.”
  • It offers no new steer ahead of the upcoming ISM mfg survey at 1000ET. Other measures have shown a smaller than expected bounce in the MNI Chicago PMI along with a larger bounce in regional Fed surveys albeit led by a particularly sharp increase in the noisy Empire series.
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