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. Nonfarm Payrolls vs. U.S. ISM Manufacturing PMI