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ISM Mfg Contradicts Gains In Other Indicators, Prices Paid Highest Since April

US DATA
  • ISM manufacturing surprisingly held steady at 46.7 (cons 47.8) in November after 46.7. That consensus was probably higher in reality after yesterday’s surge in the MNI Chicago PMI, and adds to the surprise of a flat print considering the higher outright level for the S&P Global PMI and a push higher for average Regional Fed surveys in November.
  • Prices paid saw the largest increase across the components, rising 4.8pts to 49.9 for its highest since April.
  • New orders point to a very different outlook than the PMI equivalent, rising 2.8pts to 48.3 despite a further decline in export orders (-3.4pts to 46 for the lowest since May’20).
  • Employment fell further to 45.8 (-1pt) for its lowest since July.

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