The US ISM PMI has reduced because of weakening export orders.

 
Missing parameter:

Estimated Local New Orders: New orders - New Export Orders = (-0.8) - (-2.1) = +1.3

Estimated Local Material: Inventories - Imports = 1.5 - (-0.1) = +1.6

The prices (-9.1) continued to ease because of the US-Iran ceasefire deal and the declining new export orders (-2.1) and new orders (-0.8).  However, the local new orders rebounded (Est'd 1.3) because the US consumers were frontloading their purchases as indicated by the US retail sales report.

The producers reduced ther production (-2.1) because of the weakening orders and this caused the depletion of customers' inventories (-0.4) and a reduction in the backlog of orders (-1.7).

All in all, the net impact is the ISM PMI is being reduced to 53.3 (-0.7).

In conclusion, this PMI is a neutral report and the US consumption is the key determinant for the future trend.