The U.S. economy is still pulling in two different directions. Manufacturing remains weak, with the ISM Manufacturing PMI around 48 in December, another month below the line that separates growth from contraction. PMI readings are straightforward: numbers above 50 mean activity is generally growing, while numbers below 50 mean it’s shrinking. Factory managers continue to report soft demand, fewer new orders, and ongoing efforts to burn off inventory rather than invest in new capacity. There’s li...
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