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  "documentTitle": "us executive macroeconomic briefing february 20240223",
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  "authorName": "EY-Parthenon",
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  "notes": "Includes two charts: GSCPI (2010-2023) and US Manufacturing PMI (2006-2023).",
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      "text": "Global supply chain pressure index (GSCPI)",
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      "text": "1. Index scaled by its standard deviation (0 = average value). 2. The ISM (Institute for Supply Management) measures PMI (Purchasing Managers' Index) by surveying manufacturing and service firms on their orders, production, employment, deliveries and inventories. The index indicates business activity in both sectors. This is a diffusion index, with readings above 50 indicating expansion and readings below 50 indicating contraction in activity. Source: Federal Reserve Bank of New York; ISM; EY-Parthenon",
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      "text": "While conditions appear to have normalized, the pandemic has exposed key vulnerabilities in global supply chains which will continue to be challenged by geopolitical risks, elevated input costs, labor shortages and lingering disruptions from the pandemic.",
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      "text": "Manufacturing activity is showing continued signs of weakness as the headline ISM manufacturing index remained in contraction territory for a fourth straight month in February. Fourteen of the 18 manufacturing industries surveyed reported a contraction in activity last month.",
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      "text": "The new orders index rose 4.5 points while the production index fell 0.7 points. However, both remained in contraction territory signaling weak current and future factory activity.",
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      "text": "The GSCPI, which tracks the evolution of global supply chain pressures, eased considerably in February and is now below the historical average. Most of the subcomponents contributed to the decline, with the largest negative contribution from European Area delivery times.",
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