A key gauge of strength of the U.S. factory sector fell for the third straight month in September, but stayed above the pivotal 50% level, the Institute for Supply Management reported Monday.
The ISM factory index fell to 52.0% in September from 52.9% in August. This is the lowest level in six months. Read full survey.
A reading above 50 signals expansion, while a reading below 50 signals contraction.
As a result, the index shows continued moderate growth in manufacturing, economists said.
The decline was unexpected. The consensus forecast of estimates collected by MarketWatch called for the index to rise to 53.0%. See Economic Calendar.
Treasurys rose, sending yields lower. Bonds, which lose value when inflation rises, gain when economic conditions deteriorate. Read Bond Report.
Stocks shrugged off the ISM report and rose to a record high. Read Market Snapshot.
The trade group surveys the purchasing managers at factories around the country.
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