US: ISM manufacturing falls to 50.9, its lowest level in 28 months

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The index ISM Manufacturing PMI has fallen almost two points in September, lowering to 50.9 from the previous 52.8, and reaching its lowest level in twenty-eight months, specifically since May 2020. The result has worsened the 52.2 points expected by the market consensus.

The ISM employment index has fallen into contraction territory at 48.7 after gaining 54.2 points in August. The result is below the expected 52.1 points and is the lowest figure in three months.

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The new orders index has also declined, falling to 47.1 from 51.3, below the 49.6 estimate. This is the lowest level in 28 months.

Finally, the price paid index it stands at 51.7 from the previous 52.5, worsening the estimated 51.9.

EUR/USD reaction

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The dollar has weakened after the data, and the EUR/USD it has shot almost 50 pips higher, rising to the 0.9814 area. At time of writing, the pair is trading above 0.9802, matching its opening price.

Source: Fx Street

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