USPMIMissesExpectationsTo 3-MonthLows; OrdersAndEmploymentTumble
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Despite exuberance at European and Chinese PMIs, the US clean shirt just skidded with a miss. Against expectatins of a high YTD 54.0 print, PMIposted 52.8 – itslowestin 3 monthsandfallingforthesecondmonthin a row. New orders fell at the slowest pace since April (boding ill for durable goods) and the employment sub-index grew at the slowest pace in 3 months (suggesting payrolls will not hold up well). Of course, as Markit notes, bad news is good news "as far as policymakers are concernedthere are someworryingsignalsinrelationtothesector’sgrowthmomentum, whichvindicatetheFed’sdecisiontoholdoffontaperingitsassetpurchases."

From Markit:

Employmentgrowthalsoslowed, reflectingmanufacturers’ concernsaboutthestrengthoffuturedemandandtheon-goingneedtoboostproductivitytoremaincompetitiveathomeand abroad. The sector is consequently not helping to bring unemployment down

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