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Free AccessISM Mfg Continues Decline As New Orders Slide Further
- The ISM mfg survey fell a little more than expected in January from 48.4 to 47.4 (cons 48.0) but this was consistent with prior further weakness in the MNI Chicago PMI and regional Fed surveys.
- Prices paid offered a more hawkish take on the report relative to consensus, rising from 39.4 to 44.5 (cons 40.4) but are still well below the report’s 52.9 breakeven value for PPI intermediate materials.
- New orders however were even weaker, falling from 45.2 to 42.5 and further to levels not seen outside of the pandemic, in 2008-09 and post 9/11. Their prior weakness was ultimately a precursor to last month’s surprise plunge in ISM Services new orders (from 55.8 to 45.2), with continued weakness here particularly notable.
- However, the press release indicates this could be perhaps be temporary: “New order rates remain depressed due to buyer and supplier disagreements regarding price levels and delivery lead times; these should be resolved by the second quarter.”
- Ahead of payrolls on Friday, the employment index dipped only marginally from 50.8 to 50.6.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.