US: ISM manufacturing index to decline to 59.0 in October – Nomura

Analysts at Nomura expect the US ISM manufacturing index to decline to 59.0 in October.

Key Quotes

“Although incoming data on the manufacturing sector suggest continued expansion in activity, the ISM manufacturing index appears highly elevated relative to the Philly Fed and Empire State survey headline indices after adjusting for differences in weights. Both regional surveys have trended down in recent months.”

“We expect the ISM manufacturing index to moderate to a level that is more consistent with incoming regional surveys.”