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This time around, it might just be that the non-manufacturing PMIs are more important than the manufacturing ones. The coronavirus pandemic has affected the whole economy, of course.

However, retailers bore the brunt of the economic impact. Even now many stores either remain closed, have restricted opening hours, or have safety requirements that many customers say are discouraging them from shopping.

Manufactured goods need to be sold, and the US remains the largest consumer market in the world.

Even with better manufacturing data, we shouldn’t expect much of a swing towards optimism in the market unless consumers are back. If services companies are not seeing a surge in sales, they won’t be buying more inventory.

ISM vs Markit: Why the Divergence?

Later we have Markit PMI and NMI being released one after the other in a fifteen-minute interval.

Both survey the outlook of purchasing managers of US firms. Presumably, they should have similar readings. But the latest data show...

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