ISM Manufacturing Index: 58.7 (Cons: 59.5)
ISM Manufacturing New Orders Index: 63.4
The headline ISM Manufacturing PMI declined 2.1 points in September but remained at an elevated level. August’s headline reading of 60.8 was the highest reading since Q2 2004.
The headline ISM manufacturing index has been above 50 since September 2016 and has been above 55 since June. Hard production data like Industrial Production and spending on durable goods have been relatively steady but much more muted than the PMI readings would indicate.
The New Orders Index declined 1.2 points to 63.4.
The Production Index declined 1.2 points to 61.0
The Inventories Index declined 4.5 points to 48.0, which is contraction territory. Hurricanes Harvey and Irma may have caused inventory drawdowns as production was stalled and/or remains below pre-hurricane levels.