Instant view: Manufacturing sector slows in July: ISM

Mon Aug 1, 2011 10:20am EDT
 
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NEW YORK (Reuters) - The pace of growth in the U.S. manufacturing sector slowed more than expected in July, according to an industry report released on Monday.

COMMENTS:

GENE MCGILLIAN, ANALYST, TRADITION ENERGY, CONNECTICUT

"The oil market is really flailing around this morning and the initial euphoria of the debt deal seems to be waning. There's still plenty of uncertainty surrounding the debt deal ahead of Congressional votes, and a disappointing ISM number has now taken some of the bidding out of the market."

KEITH HEMBRE, CHIEF ECONOMIST, NUVEEN ASSET MANAGEMENT, MINNEAPOLIS

"It's a pretty good miss on the downside. My trend analysis suggests that we are going to see another move to the downside to high 40s. These are the types of numbers that are consistent with what we saw with the GDP numbers. Absent a governmental shock, we would dredge forward with this stagnant economic performance. We'll be mired in this 1 to 2 percent (growth) environment we have been in."

SEAN INCREMONA, ECONOMIST, 4CAST LTD, NEW YORK

"It is pretty terrible, very disappointing. That really just nails home the snail's-pace GDP number that we got on Friday. This shows that there is some underlying softness that is really coming through. New orders dropping below 50 doesn't suggest that there is going to be much momentum going forward either."

JOE SALUZZI, CO-MANAGER OF TRADING AT THEMIS TRADING IN CHATHAM, NEW JERSEY   Continued...