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Mixed US Manufacturing Data

James Boston
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Mixed US Manufacturing Data

The headline data release out of the US today is in the form of the Institute of Supply Management’s Purchasing Managers Index (PMI) for the manufacturing sector. The reading for the month of August has come in at 59.0 compared to the level of 57.1 experienced in July, the market consensus estimate was for 56.8.

The ISM have also released their Prices Paid Survey, this now stands at 58.0 for the month of August compared to 59.5 in July and matching the anticipated reading of 58.0 this time around. The final item in the ISM release bundle today is the Manufacturing Employment index, this is currently reading at just 58.1 for August in comparison to 58.2 in July and an anticipated expansion to 58.4.

Trailing the ISM’s manufacturing PMI is the Markit Economics version of it’s Manufacturing PMI. Although the Markit Economics indicator is considered of lesser importance in the US, it is valuable from a global comparison perspective as there is standardized methodology across the various economies measured. The current reading is 57.9, this is up from July’s 58.0 and market analysts were anticipating no material change to this figure.

The US Census Bureau has also just released the Construction Spending indicator for the July period. The month on month change in this sectorial indicator is 1.8%, this represents a turnaround from the June contraction of -0.9% and market estimates were for growth closer to 1.0% in the July reading.

The most current piece of data released today is the IBD/TIPP Economic Optimism indicator, this relates to the month of September. The current reading is showing at 45.2, this is an improvement from the August number of 44.5 but market sources were hoping for an improvement to 46.2 this month. The key US event this week will be Friday’s Non-Farm payrolls where a further improvement to 200k is expected.

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