US ISM Manufacturing PMI dropped from 52.8 to 50.9 in September, below expectation of 52.3. That’s the lowest level since May 2020. Looking at some details, new orers dropped from 51.3 to 47.1. Production rose slightly from 50.4 to 50.6. Employment dropped notably from 54.2 to 48.7. Prices dropped from 52.5 to 51.7.
ISM said: “The past relationship between the Manufacturing PMI and the overall economy indicates that the Manufacturing PMI for September (50.9 percent) corresponds to a 0.8-percent increase in real gross domestic product (GDP) on an annualized basis.”
