For the 10th month in the last 12, Milwaukee's ISM missed expectations. After bouncing hopefully off 6-year lows in October, November saw weakness return with a plunge in New Orders and weakness in employment (even as exports supposedly soared). This is the 8th straight month of contraction (sub-50) in the survey.
PMI 45.34 46.66 -1.3 declining
- New Orders 39.60 46.67 -7.1 declining
- Production 47.14 48.87 -1.7 declining
- Employment 48.16 51.44 -3.3 declining
- Supplier Deliveries 48.92 46.66 2.3 faster
- Inventories 42.86 41.39 1.5 declining
- Customers' Inv (NSA) 50.00 53.57 -3.6 growing
- Prices (NSA) 21.43 23.33 -1.9 declining
- Backlog (NSA) 39.29 40.00 -0.7 declining
- Exports (NSA) 50.00 33.33 16.7 growing
- Imports (NSA) 50.00 50.00 0.0 growing
Time to hike rates?
[2]
Ignore it - who needs manufacturing anyway?
Charts: Bloomberg
