ISM PMI “a big miss” but supply, inflation pressures “intensify”

03 May 2021

 

Summary: ISM purchasing managers index (PMI) down; below consensus expectation; reading “still very expansionary”; supply side “key factor” behind decline, “momentum building”; implies US economy still growing at rapid pace.   US purchasing managers' index (PMI) readings reached a cyclical peak in September 2017.  They then started a downtrend which ended in March 2020 with a contraction in US manufacturing which lasted until June 2020. Subsequent month’s readings implied growth...

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