Monday, June 2, 2014

Disappointing May ISM manufacturing ... or not?!? (part II)

This is amazing!  ISM appears to have corrected its mistake TWICE, and only on its homepage and on a correction *.pdf report , not within the published report on its website .  So the 'final' May ISM manufacturing index stands at 55.4, slightly below our estimate and the consensus.  By now, we think the overall consensus is that ISM may have needed a 3-day weekend to get this right. 

The main differences between the original report and the double-revised one are: growth in new orders and production accelerated, while deceleration in employment was a bit lower. 

We're wondering if Vegas is taking any bets on whether or not ISM will revise the revised version of the first revised version!

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