October will be a ‘hard month’ for PMI data: Economist

#october #helene #portworkers #strike #economy #yahoofinance #boeing

The September ISM Manufacturing PMI came in at 47.2, slightly below the 47.5 economists had projected. A reading below 50 indicates contraction in the manufacturing sector. ISM Economist Tim Fiore joins to discuss his outlook on this report. Fiore sees some positives in the data, noting that the rate of decline remained steady from August to September. He calls this "a good thing" because it’s "pretty representative of a soft landing." The biggest change this month was in production numbers, which returned to stable. Fiore states, "It’s showing that the bottom is not falling out, which is really positive," alongside continual declines in unemployment. However, Fiore warns that the next report could face headwinds such as the ongoing port strike, Boeing (BA) strike, and the fallout of Hurricane Helene. These factors could impact transportation lanes and natural gas prices, among other things. Looking ahead, Fiore cautions, "October’s gonna be a really hard month to take its data, load it into the prior data, and forecast what is gonna happen going forward." For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Angel Smith

October will be a ‘hard month’ for PMI data: Economist
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