ISM LEAKS

ISM's latest manufacturing report for July leaked on Monday morning.

The reading came in at 52.7, below the consensus forecast of 53.5 that was also the prior month's print and a year-to-date high. A reading above 50 indicates expansion, and so despite the slowdown, US manufacturing is still in good shape.

The employment measure fell to 52.7 from 55.5. New orders increased slightly to 56.5 from 56.0.

The report had been scheduled for release at 10:00 a.m. ET and was published on the Institute for Supply Management's website ahead of time, after the numbers crossed on the wires.

Here's what Deutsche Bank wrote in a preview of the data to clients:

"This morning's manufacturing ISM will likely remain near the lower end of its post-recession range. While last week's Chicago PMI report was better than expected, elevated inventory levels over the past two quarters may weigh on manufacturing output in the near term. Inventory building averaged $111.4 billion over the first half of the year, the highest two-quarter average on record."

More to come ...