US purchasing managers' indices (PMIs) have been sliding since August 2018, albeit from elevated levels. After reaching a cyclical peak in September 2017, manufacturing PMI readings went sideways for a year before they started a downtrend. Recent months’ readings appear to have stabilised, albeit at sub-neutral levels. According to the latest Institute of Supply Management (ISM) survey, its Purchasing Managers Index recorded a reading of 47.2 for December, down from...