Contraction territory: ISM PMI slides again in January

01 February 2023

 

Summary: ISM PMI down, at 47.4% in January, below expectations; Citi: should not extrapolate weakness to broader US economy; US yields down, expectations of higher rates soften; ISM: reading corresponds to 0.5% US GDP contraction annualised. 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...

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