Bear in mind this survey is always more volatile than the ISM, and there may be an outsized July 4 long weekend effect, too. But these are bad numbers.

(These data are) bad news for (corporate profit) margins or future inflation -- or both,

It is hard to make the case that the inflation threat from import prices is serious. The trend is clearly not as good as in the recent past, but it is not bad enough to cause any problems on its own.

Overall, this is not too bad a report, but clearly there's some pressure in some sectors.

Despite undershooting the consensus, these numbers do not look too bad to us. Confidence might well dip further -- job fears hit a 28-month high this month -- but the big plunge looks to be over.

Despite undershooting the consensus, these numbers do not look too bad to us, ... Confidence might well dip further -- job fears hit a 28-month high this month -- but the big plunge looks to be over.

At last some good -- or at least not so bad -- news, ... don't change the overall trade picture, but we think the worst news is over.