The Aug ISM_PMI came in at 54.2 vs 52.6 the month prior.

The Econ Trend indicator suggests PMI has bottomed. PMI may be sluggish at times relative to a lack of controlling the virus and bankruptcies to continue for a while.

I am calling a type of cyclical bottom for the economy. The best evidence of a return to true growth will be a new record value for nominal GDP per capita. That may not occur until next year. 2021 is the latest year for a long-term business cycle for the economy.

So a bit of encouragement from this type of data. But some economic damage will linger and the reopening of the economy may have been too soon.