Manufacturing continues to plug along, not expanding, but not exactly in a slump either. The Institute for Supply Management"s index, the PMI, released this week, grew slightly, from 48.6 in April to 49.6 in Maystill not in growth mode, but it"s more than most had predicted.
The view from the airplane window shows an economy as a series of dichotomies: on the one hand this, on the other hand that. There"s weakness in the auto and residential construction sectors, but on the other hand there"s growth in export-related manufacturing, including machine-building, and there"s continued growth in the commercial building sector for hospitals and hotels.
That"s the view at 30,000 feet. However, many have quite different views at ground level. Just ask the city dwellers on Manhattan Island.
