**As seen in Risk In The Week note 10/28/22, subscribe at cablefxm.co.uk/reports
The September ISM manufacturing index came in at 50.9 vs the prior 52.8, it marks the worst drop sine the June’s release and the second largest over the course of this year. The release also came lower than the survey median of 52.0 and was close to the lower end of the forecast range of 50.0. The softest ISM manufacturing figure since May 2020 saw new orders fall to contraction at 47.1, employment dropped to 48.7, supplier deliveries fell to 52.4 (lowest since Dec. 2019). The prices paid subcomponent recorded its sixth monthly drop in a row after it printed at 51.7 from the prior 52.5, this was the lowest since June 2020. Production and inventories saw increments, the latter came in at 55.5 vs the prior 53.1, the former printed at 50.6. The easing in the manufacturing sector relative to last year is evident, the headline index was at 60.5, prices paid were at 81.2, the production reading ticked at 58.7. CIBC stands below the consensus as it expects the manufacturing gauge to drop below 50.0 to 49.8, the desk notes that this is consistent with regional indices which have slowed.
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