Thursday, September 1, 2011

Sanity Didn't Last Long

ISM just came in with a headline modestly better than consensus. The internal data was terrible!

Zero Hedge give us some details:
"The problem is that the beat was once again on purely artificial data, with Inventories and Customer Inventories posting the largest increase in the month, or basically the two most hollow economic series. Far more important - Production, dropped to 48.6, the lowest since May 2009. Another Pyrrhic victory was the increase in imports and decrease in exports: we all know what that means for GDP."