ISM manufacturing
ISM manufacturing


  • Prices paid 52.5 vs 52.9 prior
  • Employment 45.9 vs 47.1 prior
  • New orders 49.2 vs 52.5 prior
  • Inventories 45.3 vs 46.2 prior
  • Production 48.4 vs 50.4 prior

This is a big surprise, especially after a strong S&P Global report a few minutes ago.

Comments in the report are more upbeat than the numbers:

  • “Currently seeing increasing sales in our business. Most delivery dates are in the second quarter of 2024.” [Chemical Products]
  • “The first quarter will be slower due to some customer order changes, but we are expecting the rest of 2024 to be strong. We may increase our growth projections.” [Transportation Equipment]
  • “Typical first quarter volume drops from fourth quarter high volumes. Additional distribution has allowed us to maintain consistent production shifts.” [Food, Beverage & Tobacco Products]
  • “Customer softness continues in China, Japan and Europe.” [Computer & Electronic Products]
  • “Demand has finally picked up, with customer orders more closely resembling typical January and February levels. January was up 22 percent compared to December; February up 26 percent compared to January.” [Machinery]
  • “Customer orders are steady, neither up nor down compared to last month. This steady state is what we budgeted and forecast. We are forecasting business to increase 2 percent to 4 percent over the next couple of months.” [Fabricated Metal Products]
  • “Business outlook overall is stable. Working through customer backlog with some raw material lead times improving.” [Miscellaneous Manufacturing]
  • “We reflected on 2023 for maybe a minute and turned the page forward to 2024. Weather in January caused several operations to be idle, and shipments were affected.” [Nonmetallic Mineral Products]
  • “The month seems to be getting stronger with each passing day and week. Lots of market volatility —pricing flat to downward. It will be interesting to see how the last days of the month play out, as indications seem to be all over the place.” [Primary Metals]
  • “We are experiencing increased sales, which is putting pressure on the plant and assembly to meet new customer demand.” [Electrical Equipment, Appliances & Components]