How to Square Contractionary ISM Manufacturing With Positive CAPEX

The ISM manufacturing has been in contraction for quite some time. That's something the bear's point to and look at it's negative, right? It's contracting. But how do we square that contractionary ISM manufacturing with CAPEX that's positive? Well, I think once the pandemic lockdowns were lifted, we all had Kevin fever and we all wanted to go out there and buy something. Americans are amazing people when we're happy we spend money,. When we're depressed, we spend more if we have it.