While we still await for the ISM to figure out how to update its website with its fudged numbers, here is what happened and made the Institute of Supply Management the butt off all rigged economic data jokes today.
First of all, we wonder if when...
ISM'S HOLCOMB SAYS DROP MAY BE JUST A `SLIGHT PAUSE'
... this too will be seasonally retracted considering the revised data was not only not a drop but a spike?
And we certainly would love to see an explanation why survey responses need seasonal fudging. In any event, here is what the pre-fiasco numbers were, as well as post-fiasco. In their scramble to revise the data, ISM appears to have applied seasonal adjustments only to 5 of the 11 total indices.
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We are eagerly looking forward to the ISM's release of both adjusted adjusted number, as well as the baseline unadjusted numbers to which it applied the revision.