Markets

ISM Manufacturing PMI beats with 60.8 - United States dollars looks good

ISM Manufacturing PMI beats with 60.8 - United States dollars looks good

The strength of the advances in the ISM's gauges probably includes the recovery and restarting of business following Hurricane Harvey, which had caused many businesses to shut shop.

The Markit PMI Manufacturing Index (PMI) rose to 53.1 in September from 52.8 in August.

Two reports are signaling that the US manufacturing economy looked stronger in September. Thirteen industries reported expansion, while three reported a decrease in employment.

The new orders index increased 4.3 points from the previous month to 64.6; production index rose 1.2 points to 62.2, and the employment index also moved up 0.4 point to 60.3.

Comments from the panel reflect expanding business conditions, with new orders, production, employment, order backlogs and export orders all growing in September; as well as, supplier deliveries slowing (improving) and inventories growing at a slower rate during the period. While some of this could be attributed to the hurricanes, ISM reports that this sub-index had been on an "increasing, faster" trend for 19 months. The only industry reporting economic contraction was furniture.

FSMNews

Optimism remained robust, despite falling to a four-month low.

A separate Commerce Department reported showed construction spending in the US during August turned around, jumping 0.5% from the month before.

The August figure is 2.5% above the level from the same time a year ago.

A separate report showed that construction spending is up by 0.5% against 0.4% expected, albeit with a downward revision. "Seasonal adjustment will likely exacerbate impacts during fall months".

All of this follows generally positive reports the latter part of last week showing an economy that's humming along. Bloomberg reported American manufacturing expanded at the fastest pace in 13 years, in part because of effects from two major hurricanes. Expectations had been for a small decline to 58.0. A measure of input costs jumped and factories are passing on at least some of the increase.

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