The Institute for Supply Management is scheduled to publish its October manufacturing index report next Thursday November 1st at 15:00 GMT.
"The forward-looking new orders index crossed the above-50 threshold, as did supplier deliveries," comments the Wells Fargo team. "However, the production, orders backlog, export orders and import orders components remained in negative territory as the manufacturing sector is still teetering on the edge of growth."
Early fundamental indicators such as regional PMIs and Richmond and Kansas indexes points toward another month of declines, but "Philly Fed survey’s headline seemed out of line with its underlying details," adds the bank.
"Moreover, the new orders component of all four surveys posted negative readings," concludes the Wells Fargo's analysts. "With weakening growth abroad and concern over the fiscal cliff possibly denting capital pending, it is unlikely we will see a sharp rebound in the ISM index for October."