Please consider the May 2023 Services ISM® Report On Business®, emphasis mine
“A Services PMI® above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the May Services PMI® indicates the overall economy is growing for the fifth consecutive month after one month of contraction in December. Nieves says, “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for May (50.3 percent) corresponds to a 0.2-percent increase in real gross domestic product (GDP) on an annualized basis.”
Manufacturing ISM Contracts 7th Straight Month, New Orders Down 9 Months
On June 1, I noted Manufacturing ISM Contracts 7th Straight Month, New Orders Down 9 Months, emphasis mone.
“The May Manufacturing PMI® registered 46.9 percent, 0.2 percentage point lower than the 47.1 percent recorded in April. Regarding the overall economy, this figure indicates a sixth month of contraction after a 30-month period of expansion.”
Manufacturing vs Services
- ISM manufacturing has been signaling recession for six months.
- ISM services is signaling 0.2 percent growth on an annualized basis.
Those are historic judgements from the Institute for Supply Management®.
This post originated on MishTalk.Com.
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