ISM New York’s purchasing managers survey collapsed in May from 57.00 to 37.2 – the lowest since April 2009. The bloodbath is the biggest monthly drop since May 2007. While ‘hope’ rose rather stunningly from 56.0 to 68.0 – the highest in years, current employment and ‘quantity of purchases’ both plunged to cycle lows.
So much for that April bounce!
Note we have adjusted the chart by centring ISM NY 50 print at 0 which separates expansion from contraction.
Transitory?
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