(Click on image to enlarge)

Chart and excerpts below by permission from the Institute for Supply Management® ISM® 

Please consider the May 2023 Services ISM^® Report On Business^®, emphasis mine

"A Services PMI^® above 49.9 percent, over time, generally indicates an expansion of the overall economy. Therefore, the May Services PMI^® indicates the overall economy is growing for the fifth consecutive month after one month of contraction in December. Nieves says, “The past relationship between the Services PMI^® and the overall economy indicates that the Services PMI® for May (50.3 percent) corresponds to a 0.2-percent increase in real gross domestic product (GDP) on an annualized basis.”

Manufacturing ISM Contracts 7th Straight Month, New Orders Down 9 Months

On June 1, I noted Manufacturing ISM Contracts 7th Straight Month, New Orders Down 9 Months, emphasis mine.

“The May Manufacturing PMI^® registered 46.9 percent, 0.2 percentage point lower than the 47.1 percent recorded in April. Regarding the overall economy, this figure indicates a sixth month of contraction after a 30-month period of expansion."

• ISM manufacturing has been signaling recession for six months. 
• ISM services is signaling 0.2 percent growth on an annualized basis.

Those are historic judgements from the Institute for Supply Management®.

More By This Author:

Huge Jobs Divergence Returns, Jobs +339,000 But Employment -310,000
Job Quits, A Key Indicator Of Labor Market Health, Reveal Signs Of Weakness
Manufacturing ISM Contracts 7th Straight Month, New Orders Down 9 Months