"We apologize for this error. We have recalculated and confirmed that the actual index indicates that the economy is accelerating. Our research team is analyzing our internal process to ensure that this doesn't happen again".
The May reading finally came in at 55.4% up from the April reading of 54.9%.
ISM noted that their software incorrectly used the seasonal adjustment factor from the previous month.
It is interesting seeing the bond markets react with such vehemence. The stronger number in the New Orders Index, 56.9% compared to the April reading of 55.1%, is the 12th consecutive month of increases in this reading. Bonds seemed to focus on that today. The result was a bump higher in long term interest rates.
Sadly none of this is going to stop the mouths of the conspiracy crowd who see evil intent lurking behind every proverbial bush.
"It's all part of the sinister plot to drive the gold price lower". I guess the ISM folks have now gotten engaged and have joined the cabal.
I would watch for the Transportation Safety Administration ( TSA ) to be the next collaborator. They will order machines to beep when gold is detected, either in the form of jewelry or bullion, with the express purpose of seizing it from all air travelors in order to provide additional supply to sell into the market to drive down the price.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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