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May 12, 2021

Supply constraints continue to be the main issue surrounding economic data and these constraints have spilled over into the labor market.

For the last few weeks, we have been highlighting that supply has been the major constraint on activity as the economy continues to normalize.  The data this week continued that trend across multiple economic and market data points. The April Manufacturing and Services PMIs were released, and both remained at high levels (the ISM versions...
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