ISM Manufacturing RoB @ 51.3%

A fairly level ISM RoB for May.  I’ve highlighted a couple notables.  New orders are healthy and price creep is in effect, which would dovetail with our would-be Semiconductor related inflationary theme, perhaps down the road a piece.

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ISM now provides a handy RoB historical.  Can you spot a trend?  Look, I am as negative as the next guy about the fundamentals beneath the economy (policy fire hoses).  But the economy is what it is (while it is) and when you combine what is going on in Semi Equipment and general manufacturing, there is no dire economic slowdown indicated.  Possibly, quite the contrary.

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