ISM: If you have the hot potato, you are out
|Summary
Manufacturing activity expanded at the slowest pace of growth in the pandemic era in September, according to the ISM. Key measures point to slowing activity, but it is inventories that hold the key to understanding what is happening in the sector today. Firms are tired of having input prices weigh on profits, but are also leery of procuring hard-to-get supplies. In an effort to mitigate both of these risks, they are making sure someone else is holding the inventories.
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