Summary: ISM PMI unchanged in August, slightly above expectations; manufacturing sector still expanding at same rate, new order rates now growing; reading implies 3.1% 12-month growth rate in January. 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 lasted until June 2020. Subsequent month’s...