ISM manufacturing
ISM manufacturing


  • Prices paid 55.8 vs 52.5 prior
  • Employment 47.4 vs 45.1 prior
  • New orders 51.4 vs 49.2 prior
  • Inventories 48.2 vs 45.3 prior
  • Production 54.6 vs 48.4 prior

USD/JPY was trading near the highs of the day at 151.61 ahead of the data as US 10-year yields were up 9.3 bps. The turn of the calendar and Powell's comments on Friday are part of what's driving markets.

The dollar strengthened further on this report, which is what you would expect based on the headline and prices numbers. USD/JPY is up to 151.73, which is a fresh session high. US 10-year yields are up 11.1 bps.

Comments in the report:

  • “Performance continues to defy projections of a downturn in activity. Demand remains strong, and the pipeline for orders is robust.” [Chemical Products]
  • “Expecting to see orders and production pick up for the second quarter. Suppliers are working with us to help drive costs down, which will help improve the margin for the rest of the year and deliver growth in 2025.” [Transportation Equipment]
  • “Commodity prices continue to hold steady.” [Food, Beverage & Tobacco Products]
  • Demand remains soft, but optimism is high that orders are ‘just on the horizon.’ Expectations are for a strong second quarter. Supply chain issues are minimal, with only semiconductors and select electronic parts being an issue.” [Computer & Electronic Products]
  • “Noticing an increase in suppliers’ selectiveness regarding orders they quote and take. Additionally, there’s been a noticeable increase in manufacturing companies targeted for acquisition by larger entities (established companies, investment firms and the like).” [Machinery]
  • “Business is still strong — we are meeting and exceeding our forecasts. So far, we’re not hearing anything negative with our customers as far as ongoing business is concerned — it’s the same for raw material suppliers, nothing negative.” [Fabricated Metal Products]
  • “As an energy-intensive manufacturer, energy pricing continues to be a concern for our business. The move to electrification has increased demand, and supply is not stable because we’re not in an ideal geography for wind and solar power.” [Paper Products]
  • “The potential aftermaths of the presidential election are beginning to impact conversations and negotiations of long-term agreements/contracts.” [Petroleum & Coal Products]
  • “Continue to experience a softness in the industrial sector. There is optimism that order activity will increase in the late second quarter, leading to improvement in this segment for the second half of the year. The aerospace and defense market is continuing to ramp up, and demand is outpacing supply in our supply chain.” [Primary Metals]
  • “Business activity is up. Many manufacturers are anticipating better business in the second quarter and much better in the third quarter. They are reporting that second-quarter bookings are just starting to ramp up.” [Wood Products]