The Sept ISM manufacturing index was about in line with expectations at 54.4, down from 56.3 in Aug, off 6 pts from the recent high in April and the lowest since Nov ’09. New Orders fell 2 pts to 51.1 and Backlogs dropped by 5 pts to back below 50 at 46.5, both at the weakest levels since June ’09. The Employment index fell almost 4 pts to 56.5, the lowest since Mar. Inventories at the manufacturing level moved higher by 4.2 pts to 55.6, the highest since 1984 and is not welcome if we do not see a further pickup in end demand. Customer Inventories fell 1 pt to 42.5. Prices Paid followed the recent rise in commodity prices as they rose 9 pts to the most since May at 70.5. Bottom line, manufacturing is moderating but with Fed member Dudley saying if things don’t improve they will act again, the market feels like it has a free put (again) on weaker economic data up until the Nov meeting.
ISM moderating, Fed put into Nov meeting?
October 1, 2010 10:51am by
This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment. The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client. References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. The Compound Media, Inc., an affiliate of Ritholtz Wealth Management, receives payment from various entities for advertisements in affiliated podcasts, blogs and emails. Inclusion of such advertisements does not constitute or imply endorsement, sponsorship or recommendation thereof, or any affiliation therewith, by the Content Creator or by Ritholtz Wealth Management or any of its employees. Investments in securities involve the risk of loss. For additional advertisement disclaimers see here: https://www.ritholtzwealth.com/advertising-disclaimers Please see disclosures here: https://ritholtzwealth.com/blog-disclosures/
Posted Under
UncategorizedPrevious Post
Nassim Taleb: Don’t Listen to Geithner or KrugmanNext Post
Hugh Hendry – Hedge Funds