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Weak ISM Boosts Fed Easing Expectations
The US ISM Manufacturing index released yesterday added further weight to the case for the Fed to ease. The data showed the sector recorded its slowest growth since October 2016 over June. It fell to 51.7, from 52.1 over the prior month. While the reading was poor, it was actually above consensus. The market had been looking for a reading of 51. The projected figure gives a good indication of the negative sentiment prevalent in US manufacturing right now. And, despite being better than expected, the recorded level is still a dismal reading. New Orders Fall, Employment Rises Looking at a break down of the sub-indices, ... (full story)
