The ISM PMI has been contracting for 10 consecutive months already.

There are 1 important thing to note from the latest ISM PMI publication.

The new order (46.8, -0.5) declined because of worsening new local order (Est'd -0.8).  This means that the local consumer spending is still contracting.  As the chart indicates, almost all the subcomponents are in a contraction zone (below 50).

The ISM PMI has also been contracting for 10 consecutive months already.  With the weakening consumer spending, the 2nd half of 2023 won't be better than the 1st half.