The ISM Manufacturing Purchasing Managers’ Index (ISM-PMI) is a leading economic indicator in the United States. The index was published by the Institute for Supply Management (ISM) and measures activity in the manufacturing sector based on surveys of purchasing managers.
The ISM PMI value is released monthly and provides an overview of how purchasing managers feel about production levels, backlogs, delivery times, staffing and prices. The value of the index ranges from 0 to 100, where values above 50 indicate expansion in manufacturing and values below 50 indicate contraction.
ISM PMI is down again
Yesterday’s reading was 46.3, lower than economists’ expectations (47.5) and the previous month’s 47.7.
source: Trading economics
And so the PMI was below 50 for the fifth month in a row, which means nothing but that the US economy is on a downward path and that recession is inevitable sooner or later.
Quarterly reporting season begins two weeks later in the United States. By then at the latest, the current rally in stock markets should be tested.
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