One can't make this up.
Remember when the ISM' Holcombe explicitly said moments ago [3]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. Wait: one applies seasonal adjustments to survey data? Like for example when you responded "no" to whether orders are picking up, you really meant "yes" when adjusted for the seasons.
We can only imagine that the ISM received a very unpleasasnt phone call.
From Bloomberg:
- 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... warmer weather.
And just like that, we have even more confirmation that all the "economic data" is nothing but Garbage In, Garbage Out.
Here is the before garbage, and after garbage:
[4]