Two additional reports on manufacturing were released on Thursday, with a smell of slowdown still lingering in the air. Still, we would view these reports as being mixed if you just look at them at face value for growth versus contraction.

The ISM Manufacturing report fell to 50.2 in September from 51.1 in August. Dow Jones was calling for a consensus estimate of 50.8 and Bloomberg had its consensus estimate at 50.5.

This Institute for Supply Management report may be barely above the 50.0 breakeven hurdle (above 50 is growth, under is contraction), but the ISM said that this was the worst reading since May of 2013. Still, it is 33 straight months of growth. It is also well off of the 58.1 high seen over a year ago.

Thursday’s report from Markit was released shortly ahead of the ISM report, and its PMI Manufacturing Index report was 53.1 in September. This was actually 0.1 points higher than the 53.0 in August. It was also 0.1 points above the 53.0 consensus estimate from Bloomberg.

Markit’s data sounds stronger when you consider the 50.0 breakeven level as the same measurement barometer, but readings remain near two-year lows. Input prices were a key drop here, but slower numbers were seen in orders and production — and in employment. The blame here is an uncertain global economic picture and cautious spending patterns.

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