Global Economic & Market Outlook – Focus Notes (2 September 2015)
The US ISM manufacturing index declined more-than-expected to a two-year low of 51.1 in August (vs. consensus estimate of 52.5) from its July level of 52.7 (Figure 1). As was evident in earlier readings from regional manufacturing surveys (eg. Empire State, Richmond, Kansas City etc.), production fell significantly to 53.6 from 56.0 in the prior month, while the forward-looking new orders index also posted a large decline to 51.7 from an eight-month high of 56.5 in July. As far as employment growth is concerned, it actually softened to 51.2 from 52.7, falling to the lowest reading since March 2015.
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GLOBAL FOCUS NOTE_SEPTEMBER 2_ISM_US
