Forex Flash: ISM Manufacturing Index insights – Nomura

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FXstreet.com (Barcelona) - Economist David Resler notes that the ISM Manufacturing PMI figure beat Nomura, and market, estimates this afternoon.

He writes, "The Institute for Supply Management ( ISM ) reported that its composite index of manufacturing activity rose in September from a three-year low of 49.6 in August, ending a three-month stretch of sub-50 readings for this closely watched gauge of manufacturing activity."

He notes that four of the five components of the index showed improvement, with a 5.2 point jump to 52.3 in the New Orders Index contributing the most to overall growth. He writes, "This reflected a larger share of respondents reporting stronger orders as well as a smaller share reporting weaker orders, and is an encouraging sign the slowdown in order flows is not worsening."

He feels that increases in both the production index and the employment index suggest manufacturers are responding quickly to the stronger order and may indicate confidence that demand is at least stabilizing. He believes that there is a growing perception that the slump in Europe is taking a toll on global trade and that overall, manufacturing in the US as a sector is stabilizing.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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