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Currency
by ForexNewsNow Team on October 1, 2010

Indicator analysis: ISM manufacturing PMI slides in September

indicator analysis - a U.S. manufacturing workerNEW YORK (Forex News Now) – U.S. manufacturing activity slowed more than expected in September, a survey of purchasing managers showed on Friday in one of the day’s major realtime FX news events.

In a report that reverberated across the world of currency market trading, The Institute for Supply Management, a trade group, said its Manufacturing ISM report on Business dropped to 54.4 during the month, from 56.3 in August.

Analysts had expected a slighter decline to 54.6 percent in September, according to two currency market trading news outlets.

Norbert J. Ore, the chair of the ISM Manufacturing Business Survey Committee, said: “While the headline number shows relative strength this month as the PMI reading of 54.4 percent is still quite positive, the overall picture is less encouraging.

“The growth of new orders continued to slow, as the index is down significantly from its cyclical high of 65.9 percent (January 2010). Production is currently growing at a faster rate than new orders, but it typically lags and would be expected to weaken further in the fourth quarter.”

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