Despite growth slowdown, ISM manufacturing index ticks up
Yesterday’s monthly manufacturing index from ISM was in line with previous bullish data in the manufacturing sector showing slightly more elevated levels. Yes, the numbers were higher but they were only marginally so. The numbers were better, right across the board, including on the inflation front where the prices sub-index fell.
The uptick in US data is a nice relief given the fact that Europe’s manufacturing sector slowed to an 18-moth low. Overall, the US manufacturing sector is growing, but at a slower pace than last year. The data do not point to a pronounced change in that trend.
Source: Manufacturing ISM Report On Business® – ISM