US ISM manufacturing labour downside – Nomura

By FXStreet FXStreet (Guatemala) – Analysts at Nomura summed up the US ISM manufacturing data overnight.

Key Quotes:

“The ISM manufacturing index increased slightly to 48.2 in January, from a revised 48.0 in December (note that ISM incorporated new seasonal factors last week). Details showed modest improvements in activity. Production and new orders indexes moved above 50 for the first time since October to 50.2 and 51.5, respectively.

But backlog of orders index remained well below 50 at 43.0 suggesting demand for manufactured goods remains relatively weak. On the downside, the employment index fell to 45.9 from 48.0, raising some downside risk to our forecast for a decline of 5k in manufacturing payrolls. Trade indicators were mixed with new export orders falling below 50 to 47.0 while imports index jumped 5.5 points to 51.0. The overall trend for manufacturing remains tilted to the downside but looks to be stabilizing a bit.”
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Source:: FX Street