Senior Analyst at Danske Bank Signe Roed-Frederiksen has assessed the recent
figures from the key indicator in the US economy.
Key
Quotes
“The US manufacturing ISM for October
declined to 50.1 from 50.2 (consensus expectations 50.0, Danske Bank 49.6) and
the details of the survey were better than the headline”.
“New orders
increased to 52.9 from 50.1, which is the best level since July this year.
Customer inventories, which is our preferred inventory measure in the survey,
declined to 51.0 from 54.5 and the order-inventory differential took a rebound
from the dip last month but remains depressed”.
“New export orders
increased to 47.5 from 46.5, suggesting some stabilisation in global
demand”.
“The employment index softened to 47.6 from 50.5 and we have
pencilled in an 11,000 drop in manufacturing employment for Friday’s non-farm
payrolls report but stick to our estimate of 170,000 in overall job growth”.
