US PMI propped up again by “disrupted supply chains”

01 May 2020

 

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. Readings stabilised in late 2019 after a truce of sorts was made with the Chinese regarding trade. However, the March 2020 report implied US manufacturing activity had begun contracting and the latest reading has...

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