ISM manufacturing index in line with forecasts, still at a moderate pace

The ISM manufacturing index was in line with forecasts in September, slowing to 54.4 from 56.3 in August. The new orders index moderated further to 51.1 in September from 53.1 in August, while employment growth slowed to 56.5 from 60.4 and the production index pulled back to 56.5 from 59.9.
Prices paid jumped to 70.5 in September from 61.5 in August, although vendor performance eased further to 52.3 from 56.6.


Manufacturing growth slowed in September to a still solid pace according to the survey of purchasing managers. Orders, production, and employment all expanded—although at a slower pace than seen in August. In contrast to activity, prices paid picked up in September to the average rate of increase seen in the first half of the year and this index could advance further in October as raw industrial materials prices have exceeded their prior 2008 peak (according to data from the CRB).


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