ISM manufacturing index hits 15-month low, revealing deepening employment issues and production cuts.
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 …