Rick Santelli joins 'Squawk on the Street' with the latest economic data to cross the tape.e

The Institute for Supply Management (ISM) reported its latest Manufacturing Purchasing Managers' Index (PMI) at 49.1, slightly higher than the estimated 49.0. This figure marks the lowest reading since March, indicating continued contraction in the manufacturing sector. The prices paid index fell to 61.9, the second lowest this year, suggesting easing inflationary pressures. New orders dropped to 48.9, below expectations and the previous month's figure, while the employment index improved to 45.3 but remained in contraction territory. The release of construction spending data has been delayed due to a government shutdown, affecting the availability of some economic indicators.

ISM manufacturing PMI 49.1 vs. 49.0 estimated

It's been a busy morning of private economic data, getting some more. Let's get to Rick Santelli. Hey, Rick. Yes, Carl. These are ISM Manufacturing PMI's September final reads. And we see sub 50 on the headline, 49.1, largely expected. 49.1 would be the lightest going back to, well, going back to March. March of this year, when it was 49 even. If we look at prices paid, and of course, we'd rather have this go down and reflect less inflationary pressures, comes in at 61.9, sequentially lower than 63.7. 61.9 would be the lightest of the year outside of January, so the second lightest number of the year. That is indeed good news. 48.9 on new orders. It is sub 50 and it is less than expectations and sequentially lower than 51.4 in the rearview mirror. 48.9, how does it stack up? That would be the lightest going back to July when it was 47.1. And finally, employment, after a very weak ADP and questionable whether we'd get the big jobs report on Friday, comes in at 45.3, better than expected, obviously in contraction territory. Also higher than last month's 43.8. 45.3 would be the best level going back to May of this year when it was 46.8. Construction spending is due to be released now, but the shutdown is delaying that release, like many data points that may be affected by the shutdown. To summarize, interest rates are moving down rather robustly due to that weak ADP, which is magnified because we most likely aren't going to get the jobs number on Friday. Sarah, back to you. Okay. Thank you, Rick. Rick Santelli.

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