August ISM manufacturing likely edged down to 56.2 in line with regional manufacturing surveys. We expect a downtick in the August ISM manufacturing PMI, reflecting an expected retracement in some of its components and reported declines in regional manufacturing activity surveys. July ISM PMI rose almost 2 points, led by strong gains in new orders and employment components and confirmed by a strong 0.9% rise in manufacturing production. We look for August manufacturing activity to grow at a slower pace, as (ISM-adjusted) readings on the Philly Fed and Empire State surveys both declined a few points. Other regional ... (full story)