We've had the Hors d'oeuvres from some of the regionals but's now it's time to tuck into the juicy main course
The ISM manufacturing PMI is hanging on to expansion by its fingernails, two to be precise. Last month we saw the 4th drop on the spin down to 50.1. Bar fleeting rises the indicator has been on the slide all year
Today we're looking for a jump to 50.5, and rises in prices paid and employment. New orders and exports rising were about the only saving grace last month
By and large the sector has been crappy again this month
US manufacturing
Signs of life from the Philly Fed, still poor Empire, worse Richmond and worse Markit PMI (we get the final number for that at 14.45GMT)
Prices and the currency are playing a big part in the weakness, and so we're likely to hear further comments of that nature again on another soft number. A move into contraction will not be welcome so there may be some relief dollar buying on even a marginal gain
On the employment front we moved into contraction last month with a big drop to 47.6 vs 50.5. We saw employment lower in the Markit flash, Empire and Richmond, and the only gain was in the Philly. We're not expecting the ISM jobs to move back into expansion but to rise 8 pips to 48.4
For trading it, as I say, look for a relief bounce on any higher number. A strong bounce if we hit near 51 or more. We'll go south if we head under 50. Keep an eye on the underlying sub-categories as they may cushion or add to the mood
It all happens at 15.00 GMT
