ISM PMI up in February, still in contraction territory

01 March 2023

 

Summary: ISM PMI up in February, slightly below expectations; companies slowing outputs to match demand in first half of 2023; US Treasury yields up, expectations of Fed rate rises harden; ISM: reading corresponds to 0.3% US GDP contraction annualised. 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...

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