The Institute for Supply Management Manufacturing Survey is out. The PMI is at 53.6%, down 2.1% from last month. Anything above 50 is growth.
Production dropped -3.4% in one month, but is still in growth.
Employment is down -2.3% from last month, now at 50.8%.
On inventories most manufacturers reported their levels were about right with around a third reported them as too low. Inventories being too low would be a signal for new hiring.
New Orders, while above 50% for 4 months now, at 60.3%, is the 3rd lowest month survey result since August 2009.
|MANUFACTURING AT A GLANCE
|Customers' Inventories||37.0||38.5||-1.5||Too Low||Faster||8|
|Backlog of Orders||52.0||53.5||-1.5||Growing||Slower||4|