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United States PMI September 2020

United States: ISM manufacturing index edges down in September

The Institute for Supply Management (ISM) manufacturing index decreased slightly from 56.0 in August to 55.4 in September, and missed market expectations of 56.4. Nevertheless, the index remained comfortably above the 50-threshold that separates expansion from contraction in the manufacturing sector.

September’s result was driven by a softer rise in new orders—after August’s 16-year high—and a slightly weaker expansion in production, while employment levels fell. That said, new export orders and imports expanded at a stronger pace in September relative to the month prior.

Commenting on recent developments in the manufacturing sector, analysts at Goldman Sachs, noted:

“The composition of the report was also softer, but despite sequential declines, the headline and new orders indices both remain at encouragingly strong levels. Construction spending increased in August and growth in July and June was revised up. We left our Q3 GDP tracking estimate unchanged at +35% (saar). Our preliminary September Current Activity Indicator now stands at +7.0% (vs. +11.7% in August).”

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