As usual, focus on the average of the two national purchasing manager indices, the green line. This reduces the statistical 'noise' or the random measurement fluctuations around the underlying trend. As often happens, over the month the two surveys moved in opposite directions, this time, the ISM up and the PMI down. But the average continues to slide.
Note that I have extreme-adjusted both series, and that has attenuated the sharp 2-month downward spike due to Covid in early 2020.
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