Wow...
ISM CORRECTS MISTAKE: NOW SAYS THIS MORNING’S MANUFACTURING REPORT WAS A BEAT
11:28 UPDATE: ISM has updated its incorrect manufacturing report from this morning to 56.0 from 53.2.
May ISM manufacturing was reported at 53.2, a three-month low.
But on Twitter, research firm Stone & McCarthy said it believes ISM used the wrong seasonal results, and as a result, the headline May ISM reading is incorrect.
Bloomberg’s Vonnie Quinn just tweeted that ISM is in the process of correcting its report.
On its Twitter page, Stone & McCarthy has replied to users confirming they are the source of rumors regarding an incorrect ISM print.
Following the ISM report, Pantheon Macroeconomics’ Ian Shepherdson called the report “slightly disappointing.”
Earlier today, Markit’s May manufacturing PMI came in at a three-month high of 56.4, up from 55.4 in April. Along with that report, Markit’s Chris Williamson said, “With the exception of a brief spell in early-2010, output is growing at the fastest rate seen since prior to the financial crisis.”
We’ve reached out to ISM for comment, and this post will be updated as we learn more.
This could be worse. They could get our guys here in California to figure out the numbers.
“California Governor Jerry Brown’s and State Controller John Chiang’s staff refused to go on camera and answer questions as the news broke. To give a perspective on the size of the accounting misstatements discovered by the Bureau of State Audits, the $31.65 billion in errors equals about a third of California’s $96.3 billion General Fund Budget for 2013-14. “
http://www.freerepublic.com/focus/f-news/3163129/posts