Summary: ISM PMI declines from 61.1% to 60.8% in October, slightly above consensus expectation; “unprecedented number of hurdles to meet increasing demand”; respondents “strongly optimistic”; latest reading implies 5.0% 12-month GDP growth rate in March. 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 which...