Supply Chain Disruption

As Tyler observes, ISM falsely shows an uptick when, in fact, delivery time extension is more indicative of a supply chain disruption.

Recall US industrial production remains stalled 5.6 percentage points below the long-run average.

Nothing like this ever happened before.

https://www.zerohedge.com/markets/ism-manufacturing-unexpectedly-soars-supplier-delivery-times-spike

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