The Institute for Supply Management (ISM) manufacturing purchasing managers index (PMI) came in at 52.7 in April, unchanged from March and marking the fastest expansion for the index since August 2022. The latest reading was lower than the 53.1 forecast and is the index’s fourth straight month in expansion territory.
However, the GDP is top-heavy and bifurcated. The well-off are driving GDP growth, but others in the poor and middle-income groups are not doing as well.
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