ISM Miss Add To Economic Collapse Woes: 5 ISM Sub-Indices In Contraction Territory
Just in case someone did not get the earlier BLS-doctored message, the final two economic indicators of the day just printed and were... drumroll... misses. Because remember: not only the 1%ers but the 99ers have to be begging Bernanke to print. And so he will: ISM Manufacturing prints at 53.5, down from 54.8, and expectations of 53.8. Prices Paid plunge by 13.5, but the kicker: 5 out of the ISM's 10 sub indices are now in contraction territory.. And the cherry on top: Construction Spending unchanged from an upward revised 0.3 to 0.3, obviously, missing expectations of a jump to 0.4. Looking forward to the Tim Geithner Op-Ed: "Welcome to the recession."
ISM Prices Paid Index - huge miss and biggest drop in 7 months.
The ISM Table: note the sub 50 prints.
Oddly enough, prices paid plunges and yet...
Commodities Up in Price
Aluminum; Copper; Electrical Components; Guar; Natural Gas; Plastic
Components* (3); Plastic Resins* (4); and Transportation Costs* (2).
And the always handy respondents:
- "Business has been trending moderately higher since the beginning of
the year. [We] anticipate 5 percent to 7 percent growth for the year."
- "Sales were stronger than expected; customers are waiting until the last minute to place orders." (Machinery)
- "We are having the best year in sales volume and profit since mid-2008." (Fabricated Metal Products)
- "Business seems to be holding steady." (Miscellaneous Manufacturing)
- "We had modest growth across most of our businesses, with stable raw
materials [prices] and improved schedules and efficiency in our
operations." (Textile Mills)
- "Business is lower than forecast for Q2 2012." (Computer & Electronic Products)
- "We are seeing overall steady improvements, month over month and year over year." (Apparel, Leather & Allied Products)
- "Business is steady." (Food, Beverage & Tobacco Products)
- "While not quite as busy as last month, production is steady and year over year still much better." (Transportation Equipment)
- "Business continues to be up in general." (Furniture & Related Products)