Summary: ISM PMI down from 58.6% to 57.1% in March; below consensus expectation; progress on labour shortages made “at all tiers“ of supply chain, “increasing rates of price expansion”, suppliers not waiting to pass on higher prices; latest reading implies 4.1% 12-month US GDP growth rate in August. The Institute of Supply Management (ISM) manufacturing Purchasing Managers Index (PMI) reached a cyclical peak in September 2017. It then started a...