New orders from the May ISM manufacturing index showed surprising strength, with a reading over 55 (blue in the graphs below) for the third month in a row, while inventories (red) continued to shrink stoutly, with a reading just above 45. Here is a graph of new orders and inventories for the last 10 years, with both series normed to 0 to show how these two readings have correlated with the economy:
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