Skip to comments.Stocks fall after US manufacturing slows
Posted on 06/02/2014 7:51:34 AM PDT by Olog-hai
Stocks were moving slightly lower in early trading Monday following the release of a closely watched report that showed an unexpected slowdown in U.S. manufacturing last month. The market is coming off record highs last week. [ ]
The Institute for Supply Management said that its manufacturing index fell to 53.2 in May, short of what economists had expected. The index was expected to come in at 55.5, up from April's reading of 54.9, according to FactSet. The index indicates that U.S. manufacturing is still expanding, but at a slower pace.
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Oooops....time for more stimulus money (sarcasm)
The one word legacy of the Obama Administration and the sycophantic pressholes that covered it.
Nothing to fear this was all because of the abnormally cold winter caused by global warming.
This CAN’T BE! All is hunky dorey. This is just expected profit taking and expected adjustment. Nothing to see here folks. We expect this to correct itself once the numbers are properly cooked next month.
Nothing another ‘free’ trade agreement won’t fix.
Here’s a true “unexpected”:
“SM Mfg Survey head Holcomb says seasonal factors were applied to the May data that wasn’t supposed to be, in the process of correcting...”
Good grief how do you screw this up? Outside person found the error and contacted ISM. 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.
One can’t make this up.
Remember when the ISM’ Holcombe explicitly said moments ago in its 10 am release that “The May PMI registered 53.2 percent, a decrease of 1.7 percentage points from April’s reading of 54.9 percent” Turns out he lied, and moments after the ISM released its data, it “realized” it had used a wrong seasonal adjustment factor. We can only imagine that the ISM received a very unpleasasnt phone call...
ISM CORRECTS MAY FACTORY INDEX TO 56 AFTER ADJUSTMENT ERROR
ISM INITIALLY REPORTED U.S. MAY FACTORY GAUGE FELL TO 53.2
S&P 500 ERASES LOSS AFTER ISM CORRECTS FACTORY DATA
In other words, blame the complete data revision on the warmer weather.
And just like that, we have even more confirmation that all the “data” is nothing but Garbage In, Garbage Ou.
Uh, it's because of the bad winter. Uh...I mean, it's Bush's fault. Hmmmm...uh, what I mean to say is...uh, green shoots! Recovery summer! Uh...hey look, we got Bergdahl released!
Expect the Obammunist lickspittle media to take advantage of the diversion to release a lot of bad news while no one's looking.
Scouts Out! Cavalry Ho!
Scouts Out! Cavalry Ho!
I thought that behind one’s back would be in private messages. I did mention him openly.
He does keep touting bringing heavy manufacturing jobs back to US shores (something I agree with), but as for the “how”, is quite silent, which makes one suspect that he’s OK with such jobs being provided by the government rather than the private sector. And all his posts on the subject are just too similar, never mind appearing in threads unrelated to such things.
When you mandate that everyone must buy health insurance, and mandate the insurance must cover everything under the sun, the cost of a policy goes up dramatically. The dramatic increase in the cost of insurance gobbles up people’s discretionary spending dollars, thereby curbing normal economic activity. Without demand, the need for supply suffers and the economy comes to a halt. If the media didn’t see this coming, wait until the second quarter results are disclosed.
It is MAGIC!!!!
Losses in the market were erased after the ISM (Institute for Supply Management) “corrected” the reading in its May factory index to show manufacturing beat estimates.
The corrected the index to 56 after saying they had applied the wrong seasonal adjustments to the original figure of 53.2 in May vs. 54.9 in April. Forecasts by economists surveyed had been 55.5.
Convince me that the market is not being manipulated.
It pi**es me off to no end to learn days, even weeks later, that someone was bashing me behind my back, and I didn't have the chance to respond. I'm sure it's the same with others. Just a heads-up.
Scouts Out! Cavalry Ho!
Does this mean I’m not getting a “Recovery Summer - V” T shirt this year?
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