ISM Manufacturing Index vs. S&P 500 Index U.S. manufacturing cooled slightly in August. The ISM Manufacturing Index slipped to 54.6, below expectations of 55.6 and marking an eighth straight month of expansion. Growth is still on solid footing. The chart shows the correlation between the U.S. ISM Manufacturing Index and the S&P 500 index year-over-year…
Global Monetary Policy Stimulus and Global Manufacturing PMI 2026 belonged to global growth, but the wind is turning. Inflation is firming, putting rate hikes back in play. The road into 2027 looks slower and bumpier. Image: Topdown Charts
U.S. ISM Manufacturing Index vs. S&P 500 EPS Annual % Change With the ISM Manufacturing Index and S&P 500 earnings growth moving hand in hand, either ISM climbs into the high 50s as the cycle heats up, or earnings estimates reset lower. At this point in the cycle, the revisions tend to come first. Image:…
Valuations – S&P 500 P/E vs. U.S. ISM Manufacturing Prices Paid (Leading Indicator) When manufacturing costs climb, equities usually feel it later. Higher input prices work their way into the S&P 500’s P/E ratio with a lag, showing up in valuations roughly a year down the road. Image: Bloomberg
U.S. ISM Manufacturing and Services Survey Data Economists call it a “soft recession” when factories slow but services keep humming. That resilience on the services side is what kept the U.S. out of a recession. But if services begin to crack, things could shift quickly. Image: Real Investment Advice
DM Manufacturing PMI vs. Global Central Bank Decision Index This year’s key macro theme is a global growth rebound, fueled by two years of aggressive monetary easing that have set the stage for a fresh wave of economic momentum. Image: TS Lombard
U.S. Manufacturing PMI and Global Leading Indicator Leading indicators are turning higher, signaling a growing chance of a global cyclical upswing into the first half of 2026. Image: Bloomberg
Copper to Gold Ratio vs. U.S. ISM Manufacturing A falling copper/gold ratio points to slower U.S. economic growth, reflecting investor caution toward the near-term economic environment. Image: Bloomberg
Indexed Return of Cyclicals vs. Defensives ex. Commodities and ISM Manufacturing Index U.S. equity sector rotations are pricing in a “no landing” economic scenario, where the U.S. economy avoids both recession and significant slowdown, maintaining steady growth instead. Image: Goldman Sachs Global Investment Research
U.S. Nonfarm Payrolls vs. U.S. ISM Manufacturing PMI The U.S. ISM manufacturing index reading below 50 signals a contraction in manufacturing activity, which may impact payroll numbers. However, the relationship between the index and actual payroll figures is not straightforward. Image: BofA Global Investment Strategy
U.S. ISM Manufacturing PMI vs. 10-Year U.S. Treasury Yield Easing rate pressure is projected to facilitate a recovery in U.S. manufacturing as financial conditions improve, inflation declines, and both domestic and foreign demand strengthen. Image: BofA US Equity & Quant Strategy