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US DATA: Key ISM Manufacturing Components Disappoint

US DATA
USGlobalEM BulletFixed Income BulletsData BulletBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • The ISM manufacturing survey slightly missed expectations in September as it moved sideways at 47.2 (cons 47.5).
  • However, there were soft outturns for some notable components – it’s worth noting that surveys for those individual components are much smaller than the overall index (e.g. prices paid has 8 responses and employment 3 vs 61 for ISM mfg) but the outright declines on the month were still significant.
  • Prices paid surprisingly slipped to 48.3 (cons 53.5) after 54.0, its lowest since Sep’23.
  • Employment surprisingly slipped to 43.9 (cons 47.1) after 46.0, unwinding most of the August improvement to leave it close to the 43.4 in July that marked the lowest since Jun’20. As usual, this can only have limited read through to payrolls growth with manufacturing only worth about 10% of total.
  • New orders meanwhile beat expectations but only increased to 46.1 (cons 45.0) after 44.6 as they remain firmly in contraction territory.
  • See the below charts for these key components and how they compare with their services counterparts.
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  • The ISM manufacturing survey slightly missed expectations in September as it moved sideways at 47.2 (cons 47.5).
  • However, there were soft outturns for some notable components – it’s worth noting that surveys for those individual components are much smaller than the overall index (e.g. prices paid has 8 responses and employment 3 vs 61 for ISM mfg) but the outright declines on the month were still significant.
  • Prices paid surprisingly slipped to 48.3 (cons 53.5) after 54.0, its lowest since Sep’23.
  • Employment surprisingly slipped to 43.9 (cons 47.1) after 46.0, unwinding most of the August improvement to leave it close to the 43.4 in July that marked the lowest since Jun’20. As usual, this can only have limited read through to payrolls growth with manufacturing only worth about 10% of total.
  • New orders meanwhile beat expectations but only increased to 46.1 (cons 45.0) after 44.6 as they remain firmly in contraction territory.
  • See the below charts for these key components and how they compare with their services counterparts.