RPT--🇺🇸❗️Cable FX Macro Weekly Note: ISM Manufacturing PMI

**As seen in Risk In The Week report 04/01/24, subscribe at cablefxm.co.uk/reports

The ISM manufacturing PMI eased from 49.1 to 47.8 in February, the figure missed the consensus median of 49.5 and matched the lowest forecast in the range. Monthly declines were seen in half of the manufacturing subindexes, the largest was recorded in new orders which slipped into contraction at 49.2, however, it stood above its 6-month average of 48.6. Both employment and prices paid saw declines, the latter stands above 50 for a second consecutive month. Export orders and imports recorded the largest increases, the former jumped to expansionary territory for the first time since August 2022.

Economists at Wells Fargo noted the prices paid component rising each of the first two months this year while new orders have trended higher since mid-2023. If this trend continues, Wells Fargo thinks the developments will support the employment component. Wells Fargo stands slightly more optimistic than the consensus and sees the headline rising to 48.7 in March.