America has just seen two big manufacturing growth misses
The US has just gone zero for two.
After the disappointing Markit manufacturing growth data we saw earlier, ISM manufacturing points to a gloomy start for 2014.
The headline purchasing managers' index (PMI) number came in at just 51.3 for January – a huge drop from 56.5 in September.
Analysts had expected a much smaller drop – to 56.
A number above 50 implies that the sector is expanding, just much more slowly.
Looks like bad US weather is taking a toll on the sector – but the ISM says that weather doesn't account for the entire slowdown.
The prices paid subcomponent rose from 53.5 to 60.5 in one month.
A through-and-through bad morning of data.
— Joseph Weisenthal (@TheStalwart) February 3, 2014