File this under 'WTF' - despite job growth and purchase volume dropping for the 2nd consecutive month for the first time in 3 years, ISM New York reported a headline print of 65.8 in October. The jump from 44.5 (6 year lows) in September is the largest MoM jump since Nov 2003... Under the surface it was weak all around except for one thing... "outlook" - or hope - which soared from 62.8 to 74.0 (despite a plunge in expected demand 6 months out). All in all - we reiterate our initial thoughts - WTF!?
It's a miracle...
Because demand expectations are at record lows...
[2]
Charts: Bloomberg
