We received mixed economic signals this week with the ISM Manufacturing PMI remaining in contraction in May after a brief, one-month, slightly expansionary reading in March, but weaker than May consensus expectations. The ISM Manufacturing PMI Employment Index improved in May, moving from contraction in April to slightly expanding in May. Factory orders, which are a bit lagging compared to the ISM Manufacturing PMI, were positive in April for the third consecutive month. This could indicate some improvement in manufacturing production down the pipeline. Meanwhile, the ISM Services PMI rebounded from a surprise ... (full story)