ISM index recovers; supply chain gremlins still at work

01 June 2020

 

Summary: ISM PMI recovers a little; manufacturing still deep in contraction territory; overall economy barely growing; supply times “flatter” index. US purchasing managers' indices (PMIs) have been sliding since August 2018, albeit from elevated levels. After reaching a cyclical peak in September 2017, manufacturing PMI readings went sideways for a year before they started a downtrend. Readings stabilised in late 2019 after a truce of sorts was made with the...

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