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- US: August ISM Manufacturing offers plenty to like for Fed officials – Wells Fargo
US: August ISM Manufacturing offers plenty to like for Fed officials – Wells Fargo
The ISM Manufacturing PMI report showed better-than-expected numbers, helping dollar's rally. According to analysts at Wells Fargo, the report is very welcome by policymakers at the Federal Reserve. They point out the prices paid measure fell sharply to a more than two-year low, while the orders and employment components both returned to expansion territory.
Key Quotes:
“Manufacturing output rose 0.7% in July, the biggest monthly increase since March as motor vehicles and parts production surged 6.6% after back-to-back monthly declines in May and June. That had been presaged somewhat by shorter wait-times revealed in the trend decline in the supplier deliveries component of the ISM index and incipient signs of improvement with supply chains.”
“The ISM index was unchanged in August at 52.8, the slowest pace of expansion since June 2020. Still, the outcome was better than the 51.8 that had been expected by the consensus. Of particular interest to financial markets is the fact that the employment component rose 4.3 points to 54.2. That is the best number since March for this manufacturing job-market bellwether and increases the prospect of a fifth-straight upside surprise versus the consensus in tomorrow's August jobs report.”
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