May ISM manufacturing may not have been as bad as initially reported by ... yes, by ISM! There are some reports out there saying that ISM used the wrong seasonal factor to adjust its results, and because of that it spit out the disappointing 53.2 that we discussed earlier today.
Some reports have said the number is actually 56.0, which, if true, is closer to our 55.8 estimate and above the 55.5 consensus. It remains to be seen, as the last time that we checked the ISM website, no changes were made to the report. We called ISM's Kristina Cahill and left a message. We also emailed her. Hopefully we will get a response. Below are links to various reports stating the correction (or no correction ... or too many corrections) associated with ISM's May manufacturing data.
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