Not a good number.
49.8 is below 50, meaning contraction. And that’s for the second strait month.
Analysts had actually expected a gain to 50.2.
Major bummer for a crucial number.
Stocks are still higher.
The final big datapoint of the day is the July ISM report, a measure of US manufacturing that represents the end of global PMI day.
Generally PMIs have been coming in very bad, but analysts actually expect a rise from 49.7 to 50.2 for the month.
Earlier, the Markit US PMI (which should yield a similar number) came in at 51.4.
Remember, anything above 50 is expansion.
We’ll have the number here LIVE at 10:00 AM ET.