Macro: ISM Mfg PMI — 47.4

Image Source: Manufacturing regionally, nationally, and globally continues to be in contraction. In line with that theme, ISM reported 47.4% this morning, the 14th straight month of contraction. Manufacturing is contracting at slower rates and export orders continue to show improvement. To date, this has played out more like a slowly recovering COVID hangover. The fear is weak demand signaling recession, but that hasn’t been the case to date as seen by the green trend line I drew into the graphic.More By This Author:Macro: Major Reports Holiday Week Macro – Construction SpendingMacro – Durable Goods