Lost in the payroll mess, the ISM (manu) dropped to fifteen-month low not far off it. Worst part of it is how employment has dropped off during the summer, more evidence aligning with payrolls, hiring, layoffs, nominal incomes, etc.
Firms have been cutting back production, trimming hours, reducing headcounts, and backlogs are still declining at faster pace. And that means even less production, even fewer hours, even lower headcounts.
Exactly what the BLS found in payroll data through summer, before the Boeing strike.
Lost in the payroll mess, the ISM (manu) dropped to fifteen-month low not far off it. Worst part of it is how employment has dropped off during the summer, more evidence aligning with payrolls, hiring, layoffs, nominal incomes, etc.
Firms have been cutting back production,… pic.twitter.com/O03GBs06Ph
— Jeffrey P. Snider (@JeffSnider_EDU) November 3, 2024