Summary: ISM PMI up from 57.1% to 56.1% in May, above expectations; labour shortages, input price inflation easing; prices-paid sub-index “consistent with extremely strong inflationary pressures” but lower employment sub-index indicates job shedding in manufacturing; latest reading implies 3.9% 12-month growth rate in October. 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...