Tim Fiore, Committee Chair for the ISM’s Manufacturing Report on Business® indicates that there is stability in the most recent report, with New Orders increasing and moderate contraction in production and employment. Companies continue to operate on lower, tightly controlled inventories while suppliers try to deliver orders early to make their year-end numbers. Overall, the report does not indicate recession even though portions of it are in contraction with GDP growth expected to be 2.4% in the fourth quarter of 2023.
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