So far in 2023, the flow of economic data has been a story of ups and downs: first, with several weeks of signs that the economy was slowing and inflation fading, then several weeks of data suggesting boom times were still here. • With the first significant economic release of April (reflecting March activity), we're back on the downward part of the roller coaster. Driving the news: The Institute for Supply Management's manufacturing activity fell to 46.3, the lowest since May 2020's 47.7. Numbers below 50 indicate contraction, and by this index, manufacturing has been contracting for four straight months. • The ... (full story)