New orders up, backlogs down, employment down, inflation up. Index at 50, kiss your mother. As with the regional surveys, the takeaway here as the Chief Economist of S&P Global says, “conditions stabilize.” There is not a good gauge on direction here.

S&P Global PMI

ISM Manufacturing came in at 46.7, again below 48.7 the baseline for contraction/expansion.

ISM Manufacturing

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