-
US production boosts case for 4% GDP growth
The US ISM manufacturing index has improved to 49.0 from 47.6 (consensus 47.9), although we have to remember it remains below 50, thereby indicating the sector continues to contract, albeit at a slower pace than last month. Furthermore, we have to remember that this is the 11th consecutive sub 50 reading so looking at it cumulatively we are at pretty weak levels of activity. Nonetheless, there are areas of very positive news with the details showing production actually broke above 50 to stand at 52.5, which is the best reading since July 2022 while employment also posted positive growth with an index level of 51.2 ... (full story)