ISM: Still Muddling Through

This morning’s ISM report is consistent with an economy that is muddling through.  This is actually good news considering the widespread belief that the USA was headed for a recession.  The US economy isn’t doing great, but it also isn’t collapsing.  This is not surprising given the balance sheet recession and the fairly large budget deficits the government is running.  Some of the pros and cons from this morning’s report: