Summary: ISM PMI increases from 60.8% to 61.1% in November, in line with consensus expectation; “demand-driven, supply chain-constrained environment”; manufacturing sector “still expanding very strongly”; latest reading implies 5.1% 12-month US GDP growth rate in April. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a downtrend which ended in March 2020 with a contraction in US manufacturing...