US manufacturing “may be stabilising”: ISM September PMI

02 October 2023

 

Summary: ISM PMI up in September, above expectations; NAB: US manufacturing may be stabilising; US Treasury yields significantly higher; expectations of Fed rate cuts in next 12 months soften; ANZ: worst of manufacturing headwinds dissipating; ISM: reading corresponds to 0.1% US GDP contraction annualised. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a downtrend which ended in...

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