ISM Manufacturing and Non Manufacuturing Indexes

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What Religion is Your ISM? FLASH- OPERATOR SAYS YOU HAVE DIALED THE WRONG NUMBER- DIAL AGAIN

ISM New Orders Revised- Click to enlarge

BULLETIN! ISM REPORTS THAT IT APPLIED THE WRONG SEASONAL ADJUSTMENT FACTOR TO MAY DATA. TOTAL SA FAKE NUMBER SHOULD BE 56, NOT 53.2. REAL NUMBER, WHICH IS NEVER REPORTED, IS CORRECT. BUT THAT’S FOR YOU TO FIGURE OUT.  The headline, seasonally adjusted (ugh) ISM index of manufacturing in the US came in at 53.2 for…

Fast Facts- ISM Non Manufacturing New Orders Collapse

After the ISM’s manufacturing new orders for December showed some life last week we had reason to expect a good report from the Non Manufacturing (services) sector. It didn’t happen. New orders for the services sector fell sharply. On an actual, not seasonally adjusted basis, the new orders survey was down a whopping 10 points…

ISM Shows US Economy Expanding Faster In Spite of Fiscal Cliff, Sequester, Higher Mortgage Rates Etc

The ISM data released this week calls into question all the commonly held beliefs of the Fed, economists, the media, and investors that higher mortgage rates, the fiscal cliff tax increases, and the Federal spending sequestration would all be disastrous for the US economy.  They have not been. Not only does the ISM data suggest…

Why Neither Manufacturingism nor Servicism Are Good Religions To Follow

The June headline Manufacturing Purchasing Managers Index reading of 50.9 was a little better than the consensus expectation of 50.5. No biggie. Anything over 50 signals expansion. This is a seasonally adjusted number (see Why Seasonal Adjustment sucks), and it includes eleven subindexes which muddy the water of what the composite number actually means. To get a…