Investors shrugged off a weak manufacturing number from the Institute for Supply Management—the so-called PMI—because Friday’s jobs number was good. Perhaps they should have been a little more circumspect.
The overall PMI number registered 48.3, a little higher than the 47.8 September reading (which was reported Oct. 1). A level of 50 indicates growth. Manufacturing is contracting, but at a slower rate than last month.
However, Timothy Fiore, chairman of the ISM survey committee, told Barron’s that the number of negative comments about hiring is rising. “People are dropping [work] shifts, canceling overtime, sending temporary workers home. It’s a sign things aren’t what they were," he said.
Read the full story, "Manufacturing data flash warning signs for U.S. jobs," at barrons.com.