Today we present a number not to be loved.
Economic indicators are often revised, higher or lower, usually a month or two after they come out. Right?
Well, today’s report from the Institute of Supply Management, the ISM for short, which measure how American factories are doing, was revised twice in the space of about three hours. Wall Street sold off hard on the initial weak, but incorrect, report.
The excuse:
“Software glitches,” the ISM said.
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