US: ISM manufacturing index to print 56.3 for August – Nomura

Analysts at Nomura forecast a reading of 56.3 of ISM manufacturing index for August, unchanged from 56.3 in July (Consensus: 56.5).

Key Quotes

“Manufacturers’ sentiment has remained elevated despite reduced likelihood of a significant tax reform passing the Congress in the near term. August regional manufacturing surveys such as the Empire State and Philly Fed surveys showed strong increases in headline index with broad-based strength across subindices. The elevated sentiment may likely reflect steady improvement in core manufacturing output (excluding autos) and domestic demand. Based on these developments, we expect ISM manufacturing index to stay elevated in the near term.”