US economy “demand-driven, supply chain-constrained” in February: ISM

01 March 2022

 

Summary: ISM PMI up from 57.6% to 58.6% in February, slightly above consensus expectation; “demand-driven, supply chain-constrained environment”; supply chain pressures “intense”; latest reading implies 4.5% 12-month US GDP growth rate in July. 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...

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