In case you've ever had any doubts that economics news can move the markets, just look at the mess created by errant reporting of ISM Manufacturing data
In case you've ever had any doubts that economics news can move the markets, just look at the mess created by errant reporting of ISM Manufacturing data. First the ISM release showed PMI at 53.2, well below expectations. Stocks basically tanked on the bad news. Then it became clear that there was an error in the result (incorrect application of seasonality data) and stocks regained ground. ISM then reported PMI at a substantially higher 56 - above expectations. Equities climbed to intra-day highs. However, it turns out that reading was wrong as well. ISM made a third correction with PMI coming in right at expectations at 55.4, and equities markets fell to flat on the day. New Orders and Production led the index higher from April's 54.9 reading. Looks like the folks over at ISM should have just taken the day off. (VIEW LINK)
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