Its nonfarm payroll day on Friday, but today we'll have to settle for something a little less blockbuster:
January's ISM manufacturing report
- Due at 1500 GMT
HSBC:
- The ISM manufacturing index stayed at a robust level in the second half of 2017, with an average reading of 58.8. So far in January, a number of regional manufacturing indexes have weakened compared to their earlier highs. We forecast a decline in the ISM manufacturing index to 58.3 in January from 59.7 in December.
Nomura expect the ISM
- to affirm continued growth in the manufacturing sector at a slightly slower pace.
And:
- We forecast a reading of 59.0 for the headline index, 0.7pp lower than December, consistent with regional manufacturing surveys that showed slight deceleration during the month.
- The headline and ISM-adjusted Empire State and Philly Fed manufacturing indexes both declined in January. In particular, while both surveys' shipments sub-indices remained elevated, consistent with elevated current activity, the new orders index declined while the inventories index picked up in both surveys, pointing to less near-term momentum.
- A reading of 59.0 for the ISM manufacturing survey would sit just slightly above the six-month average of 58.8, the highest reading since April 2011.
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