On January 2, the Institute for Supply Management announced the December Manufacturing ISM print: at 57.0, it was a beat of expectations of 56.8, and resulted in an expected boost to markets. Moments ago, the 57.0 print was quietly revised to 56.5. Which means the beat of consensus expectations quietly became a miss. But please don't say anything, because all that pro-cyclical, bullish media spin that was fabulated on the basis of a data point which subsequently was revised to a disappointment, would have to be revised...
Some other revisions :
- ISM U.S. MANUFACTURING INDEX FOR DECEMBER REVISED TO 56.5 FROM 57.0 PREVIOUSLY
- ISM U.S. MANUFACTURING NEW ORDERS INDEX FOR DECEMBER REVISED TO 64.4 FROM 64.2 PREVIOUSLY
- ISM U.S. MANUFACTURING EMPLOYMENT INDEX FOR DECEMBER REVISED TO 55.8 FROM 56.9 PREVIOUSLY
- ISM U.S. NON-MANUFACTURING NEW ORDERS INDEX REVISED TO 50.4 IN DEC FROM 49.4 PREVIOUSLY
And now back to watching Bernanke about to announce another $10 billion of tapering and how it will be beneficial for the Emerging Markets.
From beat to biggest miss in 7 months...