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Regional Fed Mfg Surveys Don’t Move The ISM Needle

US DATA
  • The Dallas Fed manufacturing survey came in a little weaker than expected as it slipped to -19.2 in October (cons -16.0) after -18.1.
  • It sees general business activity at its lowest reading since -20 in July but is still off a recent low of -29.1 from May.
  • Tallying up the five regional Fed manufacturing surveys suggests little bias for Wednesday’s ISM mfg release, and indeed consensus is currently for no change from the 49.0 in September having lifted from 46 readings back in May-July.
  • Tomorrow’s MNI Chicago PMI will be watched to see if it provides a steer before then.

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