The May ISM manufacturing report was about in line with expectations, and it didn't change the meme: the manufacturing sector continues to do better than the rest of the economy. As the top chart shows, the current level of the ISM index is consistent with economic growth of at least 2% or better. As the second chart shows, the employment index is actually very high from an historical perspective. So manufacturing continues to expand, and the prospects for future growth remain relatively bright. Nothing to get concerned about here, and no signs of any deterioration.
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