ISM manufacturing marginally above the breakeven level
The ISM manufacturing index increased to 50.7 in December, up from the 49.5 print recorded in the prior month. The increase was marginally above market expectations of a rise to 50.4 and better than our expectations for the index to come in unchanged. Stepping back, the ISM manufacturing index is barely above the breakeven level (+50) dividing an expanding and contracting manufacturing sector. Over the last several months, the ISM manufacturing index has moved sideways, bouncing around the breakeven level. That is consistent with a manufacturing sector that is just treading water.
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