In an ideal world, analysts and investors wouldn’t have to spend much time, perhaps none at all, trying to manage around changes in government policy.

The ISM Manufacturing Index fell to 59.5 in July, below the consensus expected 61.0. (Levels higher than 50 signal expansion; levels below 50 signal contraction.)

Another quarter for consumers to rely on massive stimulus payments, extremely loose monetary policy, and the continued re-opening of the US economy…