The Institute for Supply Management (ISM) announced today that the Purchasing Manager’s Index (PMI), a key indicator for the health of the manufacturing sector, improved last month from 47.8% to 50.9%. A PMI of less than 50% means that the manufacturing sector is contracting, and a PMI of more than 50% means the manufacturing sector is expanding. PMI fell below 50% in the middle of 2019, largely on trade concerns. The return to growth was likely driven by the signing of the “phase one” trade agreement between the United States and China.
You can read the entire ISM report here.