ISM manufacturing due at the top of the hour
This chart shows how the US ISM manufacturing survey outperformed the Markit counterpart throughout 2017 and 2018 only to invert in the summer.
Moverover, while the Markit survey has rebounded to 52.4 from a low of 50.3, the ISM survey remains perilously close to its Sept low of 47.8 at 48.1. The consensus today is for a rise to 49.0 from 48.1 but that might be dampened following the flat reading in the Markit survey yesterday.
A big question for 2020 is whether manufacturing can rebound on Fed cuts and lower trade tensions; or it it simply skids along the bottom.
