economic data

October ISM: PMI Steady at 51.9%

ISM is not going to move many needles one way or the other with this report.  I’ve highlighted the important items.  New orders eased but are still in growth mode and interestingly (to our inflation view), employment and prices kicked up.  On the downside, already light backlogs dropped again.  That is not a good forward-looker for manufacturers.  From ISM

ism

Still, our plucky respondents are mostly feeling good.  The Transportation Equipment guy bemoaning price reduction pressures is actually a marker for an inflationary view.  When price pressures start increasing end customers tend to really drop the hammer on controlling suppliers’ costs.

ism respondents

Here are the multi-month trend views of some key items.

ism - new orders

ism - employment

ism - prices

ism - backlogs

Subscribe to NFTRH Premium for your 30-45 page weekly report, interim updates and NFTRH+ chart and trade ideas or the free eLetter for an introduction to our work. Or simply keep up to date with plenty of public content at NFTRH.com and Biiwii.com. Also, you can follow via Twitter @BiiwiiNFTRH, StockTwits or RSS.