More data, please.
ISM is out and it’s a miss – albeit a small one.
Here are the numbers:
- July U.S. ISM Manufacturing Falls to 56.3 vs Est. 56.4
- Forecast range 51.7 – 58.0 (74 economists surveyed)
- PMI fell to 56.3 vs 57.8 last month
- New orders fell to 60.4 vs 63.5
- Employment fell to 55.2 vs 57.2
- Supplier deliveries fell to 55.4 vs 57.0
- Inventories rose to 50.0 vs 49.0
- Customer inventories fell to 49.0 vs 50.5
- Prices paid rose to 62.0 vs 55.0
- Backlog of orders fell to 55.0 vs 57.0
- New export orders fell to 57.5 vs 59.5
- Imports rose to 56.0 vs 54.0
Do note the prices paid print.
That’s probably going to be something some folks are paying attention to and if I had to guess, it’s the reason why the dollar reversed its knee-jerk, algo-inspired dip we saw just as the headline hit (of course it’s headed back lower now, so you know, fuck it):