US ISM Manufacturing PMI dropped to 55.4 in September, down from 56.0, missed expectation of 56.0. Looking at some details, new orders dropped -7.4 to 60.2. Production dropped -2.3 to 61.0. But Employment rose 3.2 to 49.6, close to breakeven. Prices rose 3.3 to 62.8.
Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee: “Manufacturing performed well in the month with demand, consumption and inputs registering growth indicative of a normal expansion cycle. While certain industry sectors are experiencing difficulties that will continue in the near term, the manufacturing community as a whole has learned to conduct business effectively and deal with the variables imposed by the COVID-19 pandemic.”
