ISM Misses Narrowly, But Prices Paid Beats

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):





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