Among last week’s batch of weaker-than-expected economic indicators were April’s M-PMI and NM-PMI compiled by the Institute for Supply Management (ISM). Both fell below 50.0 during April, with the former at 49.2 and the latter 49.4 (chart).
![](https://www.yardeniquicktakes.com/content/images/2024/05/gateway-24.png)
Here’s more: