Summary: ISM PMI down in June, below expectations; progress made on addressing moderate-term labour shortages at all tiers; “yet another piece of evidence that the US economy is slowing”; latest reading implies 3.1% 12-month growth rate in November. 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...