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Regional Fed Mfg Surveys Also Point To Small ISM Downside

US DATA
  • Adding to the 0929ET bullet on the Chicago PMI foreshadowing a continued downward trend in US manufacturing, we remind that Regional Fed manufacturing surveys saw a mixed set of January surveys.
  • However whilst mixed, they ultimately also point to further downside, although they have had form at undershooting the ISM mfg survey in recent months – see chart.
  • Philly, Kansas and Dallas all increased on the month but Richmond and most notably Empire (from -11 to -33) saw a large decline to new recent lows.
  • ISM mfg ahead at 1000ET - consensus sees 48.0 from December’s 48.4.

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