US ISM Manufacturing PMI for August 48.7 (Forecast 49, Previous 48.0)
- New Orders: 51.4 (Forecast 48, Previous 47.1)
- Employment: 43.8 (Forecast 45, Previous 43.4)
- Prices Paid: 63.7 (Forecast 65, Previous 64.8)
US S&P Manufacturing PMI Final (August): 53.0 (Forecast 53.3, Previous 53.3)
US Construction Spending MoM: -0.1% (Forecast -0.1%, Previous -0.4%)
Today US Manufacturing reading seems to be quite positive for stocks, because price index came in lower than in July (while markets were betting on higher reading across the industrial sector), signalling that inflation spike is not 'guaranteed'. However, price index is still very high. On the other hand, new orders came in well above expectations, balanced by weak employment reading. It's first important macro data set for the Fed, ahead of the September meeting and raises the chance for a 25 bps rate cut.
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