The U.S. ISM rise to 51.5
The U.S. ISM rise to 51.5 from a 7-month low of 49.4 in August still left the ISM below the 52.6 July reading and the 16-month high of 53.2 in June, though the index is above December's 48.0 expansion-low. The ISM sits well below the 59.9 cycle-high in February of 2011, as all the sentiment measures have remained depressed since the oil price plunge starting in Q3 of 2014. Today's ISM pop follows a Chicago PMI rise to 54.2 from 51.4, a Richmond Fed rise to -2.0 from a 3-year low of -11.0, a Dallas Fed rise to -3.7 from -6.2, a Philly Fed bounce to 12.8 from 2.0, and an Empire State rise to -1.99 from -4.21. Analysts expect an ISM-NMI rise to 53.5 from 51.4. The mix should allow the ISM-adjusted average of the major surveys to fall to the 49 expansion-low seen in January and February and previously in October of 2012, from the 50 average in August, and previously in May and June. Analysts saw a 12-month high of 52 in July that was also seen in March.