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US Manufacturing Survey Hits 16-Month-Lows But Prices Paid Spiked In October
US Manufacturing Survey Hits 16-Month-Lows But Prices Paid Spiked In October
Minutes after the BLS reported the biggest drop in manufacturing jobs since the COVID lockdowns, S&P Global reported its US Manufacturing PMI rose to 48.5 in October (still in contraction) from 47.3 in September (as 'hard data' has exploded higher this month. ISM's Manufacturing PMI was worse than expected, dropping from 47.2 to 46.5 in October - the lowest since June 2023...
That is the fourth straight month of contraction (sub-50) for the Manufacturing PMI
Source: Bloomberg
The ISM Manufacturing Prices Index spiked back higher in October as both new orders and employment remain in contraction sub-50)...
Source: Bloomberg
Stagflation, much?
Chris Williamson, https://www.pmi.spglobal.com/Public/Home/PressRelease/53eef529be314fe59fb612aff2df366c
“The US manufacturing downturn extended into its fourth successive month in October, marking a disappointing start to the fourth quarter for the goods-producing sector. Although the rate of decline moderated, order books continued to deteriorate at a worryingly steep pace, and a further build-up of unsold stock hints at further production cuts at factories in the coming months unless demand revives.
“The survey does, however, provide some encouragement that the current soft patch could prove short-lived. Hurricanes have been blamed for supply disruptions, which should therefore ease in November, and manufacturers are feeling more positive about the outlook than at any time since May, hoping that demand will pick up once the uncertainty generated by the Presidential Election clears.
“It’s notable that orders for investment goods such as plant and machinery have fallen especially sharply in recent months. Headcounts have also been cut for a third straight month, underscoring the reluctance among firms to expand in the face of heightened geopolitical uncertainty, with firms citing tensions around the US election as well as intensifying international conflicts. There is therefore some potential upside to the manufacturing sector if the political environment becomes more conducive to spending and investment after the election.”
Hope springs eternal!!
https://cms.zerohedge.com/users/tyler-durden
Fri, 11/01/2024 - 10:06
https://www.zerohedge.com/economics/us-manufacturing-survey-hits-16-month-lows-prices-paid-spiked-october
US Manufacturing Survey Hits 16-Month-Lows But Prices Paid Spiked In October
Minutes after the BLS reported the biggest drop in manufacturing jobs since the COVID lockdowns, S&P Global reported its US Manufacturing PMI rose to 48.5 in October (still in contraction) from 47.3 in September (as 'hard data' has exploded higher this month. ISM's Manufacturing PMI was worse than expected, dropping from 47.2 to 46.5 in October - the lowest since June 2023...
That is the fourth straight month of contraction (sub-50) for the Manufacturing PMI
Source: Bloomberg
The ISM Manufacturing Prices Index spiked back higher in October as both new orders and employment remain in contraction sub-50)...
Source: Bloomberg
Stagflation, much?
Chris Williamson, https://www.pmi.spglobal.com/Public/Home/PressRelease/53eef529be314fe59fb612aff2df366c
“The US manufacturing downturn extended into its fourth successive month in October, marking a disappointing start to the fourth quarter for the goods-producing sector. Although the rate of decline moderated, order books continued to deteriorate at a worryingly steep pace, and a further build-up of unsold stock hints at further production cuts at factories in the coming months unless demand revives.
“The survey does, however, provide some encouragement that the current soft patch could prove short-lived. Hurricanes have been blamed for supply disruptions, which should therefore ease in November, and manufacturers are feeling more positive about the outlook than at any time since May, hoping that demand will pick up once the uncertainty generated by the Presidential Election clears.
“It’s notable that orders for investment goods such as plant and machinery have fallen especially sharply in recent months. Headcounts have also been cut for a third straight month, underscoring the reluctance among firms to expand in the face of heightened geopolitical uncertainty, with firms citing tensions around the US election as well as intensifying international conflicts. There is therefore some potential upside to the manufacturing sector if the political environment becomes more conducive to spending and investment after the election.”
Hope springs eternal!!
https://cms.zerohedge.com/users/tyler-durden
Fri, 11/01/2024 - 10:06
https://www.zerohedge.com/economics/us-manufacturing-survey-hits-16-month-lows-prices-paid-spiked-october