July 03, 2023 14:24 GMT
One Leading ISM Indicator Positive For First Time Since Apr’22
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- The ISM mfg index was softer than expected in Jun at 46.0 (cons 47.2) after 46.9, marking a new post-pandemic low and the lowest since 43.5 in May’20 and 41.8 in Apr’20 after which it hasn't been seen outside of 2008-09.
- This did however mask an increase in the new orders component from 42.6 to 45.6 (so still implicitly contracting but at a softer pace than before) whilst inventories fell further from 45.8 to 44.
- The combination saw new orders less inventories, a leading indicator of manufacturing activity, rise from -3.2 to +1.6 for its first positive since Apr’22.