With Markit suggesting US Manufacturing is at a 7-month high (with new orders surging), The ISM appears to disagree as ISM Manufacturing PMI dropped to 50.1 - its lowest since Dec 2012. The silver lining in the ISM report is that it was a 'Chinese beat' - 50.1 vs 50.0 exp - but with the employment sub-index at its lowest since August 2009, the report is anything but positive. Finally, ISM inventory drops to 46.5 (its weakest since January) after Chicago PMI inventories soared over 60; and along with export orders in contraction for the fifth month (while Markit claims highest new orders in 7 months), today's US manufacturing outlook is just more baffle-em-with-bullshit.
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With employment plunging to August 2009 lows...
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Full breakdown...
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Charts: Bloomberg
