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Stocks weaker after US manufacturing confirms steep slowdown

EURUSD News by Allie Longford on 10:12 Octuber 01, 2019 EST
The S&P500 index lost 20 points right after the ISM Manufacturing fell to 47.8 in its latest release, lowest level of the expansion which began in June 2009.

Gold gains $13/oz right after the news and EURUSD appreciates and trades above 1.09.

Consumption contracted at faster rates with a lack of demand. The ISM explanations showed that demand and new orders contracted, while inventories were more or less in the right area. Order backlog contracted for the fifth straight month and a strong contraction in new export orders played also a negative impact on new orders. Prices decreased for the fourth consecutive month, albeit at a slower rate.

Of the 18 manufacturing industries covered by ISM, only three reported growth in September: Miscellaneous Manufacturing, Food, Beverage & Tobacco Products, and Chemical Products.

While the ISM data showed that the manufacturing data contracted the institute said that the overall economy posted growth for the 125th consecutive month.