The ISM Manufacturing Index fell from 49.9 in August to 43.5 in September, well short of the forecast of 49.5. A reading below 50 suggests activity is receding and this is evident by sharp drops in new orders, production, and employment. Prices paid fell from 77.0 to 53.5, signaling that inflation pressures are dissipating.
Construction spending was unchanged in August, versus the forecast of a 0.5% drop, but July was revised from -0.6% to -1.4%.
Details from Bloomberg...
