ISM Manufacturing Index dropped to 47.2, down from 48.1, missed expectation of 48.5. That’s the lowest reading since June 2009. Looking at some details, new orders dropped -0.4 to 46.8. Production dropped -5.9 to 43.2. Employment dropped -1.5 to 45.1.
Timothy Fiore, Chair of ISM Business Survey Committee: “Global trade remains the most significant cross-industry issue, but there are signs that several industry sectors will improve as a result of the phase-one trade agreement between the U.S. and China. Among the six big industry sectors, Food, Beverage & Tobacco Products remains the strongest, while Transportation Equipment is the weakest. Overall, sentiment this month is marginally positive regarding near-term growth.”
