ISM Misses Slightly But Still Shows Expansion
The ISM manufacturing survey showed an ongoing expansion is in place, albeit one that is no longer accelerating. The index came in at 55.4, below both the prior month’s 56 and the expected 56.5. Of course, given the magnitude of growth rates in the economy the significance of minute changes in the ISM headline is very low indeed.
Production and new orders both fell (to 61 and 60.2 from 63.3 and 67.6, respectively) but remain consistent with strong expansion. Encouragingly, employment also rose to 49.6 from 46.4.
All told, I don’t think this tells us anything that we didn’t already know. Certainly there are no signs of the wheels falling off of the recovery yet.
The ISM manufacturing survey showed an ongoing expansion is in place, albeit one that is no longer accelerating. The index came in at 55.4, below both the prior month’s 56 and the expected 56.5. Of course, given the magnitude of growth rates in the economy the significance of minute changes in the ISM headline is very low indeed.
Production and new orders both fell (to 61 and 60.2 from 63.3 and 67.6, respectively) but remain consistent with strong expansion. Encouragingly, employment also rose to 49.6 from 46.4.
All told, I don’t think this tells us anything that we didn’t already know. Certainly there are no signs of the wheels falling off of the recovery yet.