ISM Manufacturing Activity Eases Up in September

03-Oct-22  10:18 ET

10-Year:   + 36/32  3.66%  US/JPY: 144.80 EUR/US: 0.9790

Data Recon

• The September ISM Manufacturing Index dropped to 50.9% (Briefing.com consensus 52.0%) from 52.8% in August. A number above 50.0% is indicative of expansion, yet the lower reading versus August points to a deceleration in overall manufacturing activity. September marked the 28th consecutive month of expansion in the manufacturing sector, yet it was the lowest reading since May 2020.
• The key takeaway from the report is that it connotes a moderation in manufacturing activity that coincides with rapidly rising interest rates, and it will contribute to slowdown concerns that could, in turn, offer the market reason to think the Fed won't be as aggressive with its rate hikes as it is suggesting it could be.

• The New Orders Index decreased to 47.1% from 51.3%.
• The Prices Index dipped to 51.7% from 52.5% and is at its lowest level since June 2020. In May this index hit 82.2%.
• The Backlog of Orders Index fell to 50.9% from 53.0%.
• The Supplier Deliveries Index dropped to 52.4% from 55.1%.
• The Production Index edged higher to 50.6% from 50.4%.
• The New Export Orders Index declined to 47.8% from 49.4%.
• The Employment Index decreased to 48.7% from 54.2%

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ISM Manufacturing Activity Eases Up in September

03-Oct-22  10:18 ET

10-Year:   + 36/32  3.66%  US/JPY: 144.80 EUR/US: 0.9790

Data Recon

• The September ISM Manufacturing Index dropped to 50.9% (Briefing.com consensus 52.0%) from 52.8% in August. A number above 50.0% is indicative of expansion, yet the lower reading versus August points to a deceleration in overall manufacturing activity. September marked the 28th consecutive month of expansion in the manufacturing sector, yet it was the lowest reading since May 2020.
• The key takeaway from the report is that it connotes a moderation in manufacturing activity that coincides with rapidly rising interest rates, and it will contribute to slowdown concerns that could, in turn, offer the market reason to think the Fed won't be as aggressive with its rate hikes as it is suggesting it could be.

• The New Orders Index decreased to 47.1% from 51.3%.
• The Prices Index dipped to 51.7% from 52.5% and is at its lowest level since June 2020. In May this index hit 82.2%.
• The Backlog of Orders Index fell to 50.9% from 53.0%.
• The Supplier Deliveries Index dropped to 52.4% from 55.1%.
• The Production Index edged higher to 50.6% from 50.4%.
• The New Export Orders Index declined to 47.8% from 49.4%.
• The Employment Index decreased to 48.7% from 54.2%

Bond Market Update

Prop. 19 passes, but questions about California property tax measure remain

Same-sex spouses can now get Social Security Survivor Benefits