ISM manufacturing index Dec 2021


  • ISM US December manufacturing index 58.7 points vs 60.0 expected
  • New orders 60.4 points vs 61.5 prior
  • Prices paid 68.2 points vs 79.5 expected (prior 82.4)
  • Employment 54.2 points vs 53.5 expected
  • Inventories vs 56.8 points prior
  • Production 59.2 points vs 61.5 prior
  • Backlog of orders 62.8 points vs 61.9 prior
  • Supplier deliveries 64.9 points vs 72.2 prior
  • Customer inventories 31.7 points vs 25.1 prior
  • New export orders 53.6 points vs 54.0 prior
  • Imports 53.8 points vs 52.6 prior
  • Sentiment around manufacturing is rock solid at the moment with demand in almost every industry outpacing supply. The main question is how aggressively price hikes are passed down the chain.
  • The prices paid number is a bit of a surprise and is likely what’s weighing on yields. It’s important to keep in mind how this survey works, it measures the monthly change. Anything over 50 is expansion. So 82.4 to 68.2 isn’t a fall in prices but represents a smaller percentage of firms seeing input prices rising; that makes sense given the fall in energy and steel prices recently.

Comments in the report: