Macro: Oct S&P Final And ISM PMI

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New orders up, backlogs down, employment down, inflation up. Index at 50, kiss your mother. As with the regional surveys, the takeaway here as the Chief Economist of S&P Global says, “conditions stabilize.” There is not a good gauge on direction here.
ISM Manufacturing came in at 46.7, again below 48.7 the baseline for contraction/expansion.
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