Yesterday, when Markit reported that the US manufacturing PMI tumbled to a 15 month low, we were wondering how much longer the “other” PMI can continue to defy gravity by printing ridiculously high numbers month after month. The answer, it turns out, was about 24 hours, because moments ago the Institute for Supply Management reported that the December ISM plunged from 59.3 to 54.1 – precisely where the PMI print suggested it should – which was the lowest print in the Mfg ISM series since November 2016…
