By Robert Hughes
Surveys of purchasing managers from the Institute for Supply Management suggest support for continued economic expansion but also highlight concerns over trade policy and tariffs, as well as ongoing difficulty in filling open jobs. On balance, the results are positive but suggest a highly uncertain outlook for the second half of 2019.
The ISM's nonmanufacturing index rose to a reading of 56.9 from 55.5 in April (see top chart). The May result is the 112th consecutive reading above 50. Among the key components of the NMI, the business activity index (equivalent to