Thursday, October 1, 2015

US data disappoints - Nomura

FXStreet (Guatemala) - Analysts at Nomura noted the key data form the US session and highlighted the Chicago PMI that dropped into contraction territory to 48.7 from 54.4 in September, well below market expectations (Nomura: 54, Consensus: 53).

Key Quotes:

"The details of the report were all around weak as five out of the seven sub-indexes declined on the month.

Most notably, the production sub-index plummeted over 16 points to 43.6 from 59, the lowest level since July 2009 and the new orders sub-index declined over 7 points into contraction territory to 49.5 from 56.7 in September. Both of these declines suggest that business activity slowed in September and raises the downside risk to growth in the near-term.

Other sub-indexes also showed signs of a slowdown with the orders backlog sub-index remaining below 50 for the eighth consecutive month and the inventories sub-index dropping sharply to 52.9 from 61.3.

The one bright side of the report was that more firms reported more hiring than firing as the employment sub-index moved above 50 to 52.3 after sitting in contraction territory for four consecutive months."

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