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With 'hard' data collapsing in the last month, 'soft' survey data from ISM and S&P Global this morning was 'mixed' as usual:

• S&P Global US Manufacturing PMI rose from 51.3 in May to 51.6 for the final June print (down very modestly from the 51.7 flash print).

• ISM US Manufacturing PMI dropped from 48.7 to 48.5 in June (well below the 49.1 expected)

So WTF…

Source: Bloomberg

Need more confusion…

S&P Global noted that higher supplier charges were signaled in June. Alongside rising labor costs, this resulted in a further marked increase in input prices. But, ISM saw Prices Paid plunge from 57.0 to 52.1, well below the 55.8 expected…

Source: Bloomberg

New orders rebounded in June but employment dropped back into contraction. On the bright side, Orders/Inventories (typically a leading indicator), ticked up in June…

Source: Bloomberg

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

Finally, despite the uptick, Williamson admits the truth under the surface of the survey:

However, we are sure business owners everywhere were reassured by the commander-in-chief's commanding performance in the debate last week.