That's a huge drop in manufacturing... that throws that NAPM number in a less favorable light.
Quotes about napm (8 Quotes)
The manufacturing sector is going to continue to show bad news over the next three to six months, but if we get the indication that consumers are starting to buy more, then things like the NAPM will start to reverse themselves later this year.
The number was stronger than what people were looking for on the non-manufacturing NAPM. It is going to make it really hard for the Fed to keep talking that the economy is fragile.
The NAPM number was stronger-than-expected but was still under 50, which means a contraction, and there was a big jump in new orders. That was very encouraging. But that doesn't mean that we've hit a bottom, not until we get over 50.
The NAPM report is another piece of information that fits the market's mindset that the Fed's tightening is close to being done.
It's going to be another confidence building story the closer we get to the Fed meeting, ... I believe that the unemployment rate and the NAPM numbers will be the key numbers.
We saw a lot of strength in the manufacturing sector in the NAPM report. That's why you saw bond yields rise today.
The NAPM report provided strong support for the economic slowdown view, focused in basic manufacturing, and also clearly suggested the peak in core inflation is drawing near, ... This gives added weight to the possibility that the Fed will ease in the new year.