qcomer –
The current ISM reading of the Purchasing Managers Index is 49.5 (yes manufacturing is contracting slightly since less than 50).
However, the ISM states that this number is consistent with GDP growth of 2.4%, based on past relationships.
Here’s a quote : “In addition, if the PMI for November (49.5 percent) is annualized, it corresponds to a 2.4 percent increase in real GDP annually.”
So, the news is the same as the GDP being in the 2-2.5% range, which we already knew. This simply confirms that the economy is slowing at the same pace according to this report as the GDP report previously suggested. (Yawn)
Here’s the report for more details : < a href="http://www.ism.ws/about/mediaroom/newsreleasedetail.cfm?ItemNumber=15697&navItemNumber=12942" > ISM Report
