US: ISM Manufacturing - No "V" Shaped Recovery; Jobs, Production Up

June’s ISM suggests the second quarter ended with modest upside momentum. Auto production should kick-start the third quarter. However, the orders index was disappointing and suggests that the recovery, ex-autos, will be modest. Prices paid continue to rise suggesting the risk of deflation is over, but inflation is not yet a concern either. ISM Gain Suggests Recovery Continues After Weak Q2 Headline ISM manufacturing rose to 44.8, which is consistent with the end of prior recessions. From here