In August, the ISM Manufacturing Index in the United States recorded a modest recovery from the lows of the year, but remained in contraction for the twenty-second consecutive month: what are the impacts for investment choices?
The overall level of manufacturing remains in contraction due to the persistence of rates at high levels with sticky inflation, to which is added the decline in the share of consumption dedicated to goods. However, manufacturing now constitutes only about 11% of the American economy.
