The Lehmann Letter (SM)
Yesterday’s report from the Institute of Supply Management that its June Purchasing Managers’ Index (PMI) dipped below 50% is cause for concern:
Any reading below 50% is a sign of manufacturing contraction, and June’s 49.7% interrupts an expansionary trend. Let’s hope it was a fluke.
Purchasing Managers’ Index
(Click on chart to enlarge)
But there have been too many signs of softness to remain complacent.
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© 2012 Michael B. Lehmann