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Regional Manufacturing Roundup
Okay folks, we have all of the regional Fed PMI indices and that means we can put together some expectations for the all-important ISM manufacturing index on Monday. Needless to say, the regional picture, on balance, isn't good. Today's poor Chicago PMI result makes it 4 out of 6 reports that are in negative territory (below 50 indicates negative for Chicago index), along with Philly, Empire State and Dallas. Kansas City and Richmond were the two that managed to remain positive. That said, KC fell from 8 to 2, and was at its lowest point since December. Richmond was the only reading that you could say was "good" although 4 isn't exactly a blowout result.
So that means the ISM isn't shaping up to be too good. One silver lining perhaps is that while still negative, Philly and Dallas actually improved. Nevertheless, you wouldn't bet on ISM to go positive (above 50) yet, after three negative readings in a row already. Maybe we should start gearing up for QE4? (I'm kidding, I'm kidding).
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