Summary: ISM purchasing managers index (PMI) down; below consensus expectation; economists focus on higher “prices paid” component; reading implies US economy still growing at solid pace. US purchasing managers' index (PMI) readings reached a cyclical peak in September 2017 before they started a downtrend which stabilised in late 2019 after a truce of sorts was made with the Chinese regarding trade. March’s report signalled a contraction in US manufacturing...