Heterodox
– by New Deal democrat Recently I have paid much more attention to the ISM services index. That’s because, since the turn of the Millennium, manufacturing’s share of the economy has contracted to the point where even a significant decline in that index has not translated into an economy-wide recession, as for example in 2015-16. When we use an economically weighted average of the non-manufacturing index (75%) with the manufacturing index...
Read More »The ISM services index, measuring 75% of the economy, sounds an ‘all clear’ – for now, anyway
