"The manufacturing recovery has clearly lost a lot of momentum since the spring," wrote Paul Ashworth, a senior economist at Capital Economics, in a note to clients.
Pointing out that new orders were down to a 15-month low, Ashworth characterized the growth as "tepid." He said that economists, who put a premium on the number of new orders, will be "pretty disappointed" by the report.
Economists' reactions will stem from a decrease in several key measurements. ISM reported drops in new orders, production, employment and supplier deliveries.
"But it's not a disaster," Ashworth said, noting that the report is consistent with GDP growth of more than 3%.
TN faces a slow economic recoveryManufacturing (ISM)
