ISM manufacturing survey reviewed - Nomura

Analysts at Nomura offered a review for the ISM manufacturing survey in the U.S. that moved back out of contraction territory. 

Key Quotes:

"The ISM survey suggests a modest improvement in business activity in September. The headline index rebounded to 51.5 from 49.4, above expectations (Nomura: 49.0, Consensus: 50.3), after a sharp slowdown in August. The improvement was broad-based.

The new orders and production index all improved modestly, rising to 55.1 from 49.1 and to 52.8 from 49.6, respectively. However, the employment activity was less favorable in September, which remained below the breakeven point of 50, although it improved slightly to 49.7 from 48.3.

The index for new exports orders was at 52, which slipped slightly from 52.5 of the prior month, consistent with our expectation that the negative impact from the stronger dollar on exports is waning."