Weakness In US Manufacturing Data
The Institute for Supply Management (ISM) has released it’s key manufacturing Purchasing Managers Index (PMI) for the US economy for the month of June. This is now showing at 55.3 compared to a May reading of 55.4 and a market consensus estimate for 55.8. Additionally, the ISM published the Prices Paid survey for the month, at 58.0 it is down on the previous month’s reading of 60 and somewhat behind the consensus estimate number of 60.3.
Markit Economics also publish a manufacturing PMI for the US economy, their reading this month is 57.3 which, like the ISM equivalent, is showing a fall from the previous reading, May’s Markit PMI was 57.5.
As a measure of overall sentiment the Investors Business Daily in conjunction with the TechnoMetrica Institute of Policy and Politics (TIPP) has published their monthly Economic Optimism survey. This broad and wide ranging measure is showing a drop on the month, July’s reading is 45.6 compared to the metric of 47.7 published at the beginning of June.
In line with falls in manufacturing and general sentiment, Construction Spending, as compiled by the US Census Bureau, has contracted on the month. The reading here is showing a fall back of 0.1% compared to a rise of 0.2% the previous month and a consensus estimate for 0.5% expansion.
Finally, a retail sales update has been released in the form of the weekly Redbook index data. Month on month for the week ending 27th June this figure is showing no change from the previous weeks fall of -1.7%. Year on year the Redbook is now at 3.1% growth in comparison to the prior reading of 3.3%.
With the exception of the important Non Farm payrolls and Unemployment data due for publication on Thursday, it is going to be a subdued end to the week in terms of US data as we approach the 4th July holiday on Friday.
Sorry. No data so far.