May Economic Data Universally Bad

Wall Street may finally be sitting up to take notice! We've now all but wiped out yesterday's stock market rally, and it's only one hour into the trading day! But we mustn't dismiss Wall Street's ability to shrug off reality for its own delusional benefit! By tomorrow, the Pollyanna Party will continue, unless Friday's BLS jobs report also shows a slump and slowing. This is particularly bad timing just as the Fed begins winding down its latest quantitative easing dream. 
U.S. ISM, just as in UK and China, as indicated in this headline from the Wall Street Journal, has also slowed appreciably. Ignore that, Wall Street!  I give them 24 hours to do just that! 

from WSJ:
The U.S. manufacturing sector slowed sharply in May, according to data released Wednesday by the Institute for Supply Management...
The ISM's manufacturing purchasing managers' index fell to 53.5 in May from 60.4 in April. Readings above 50 indicate expanding activity.
Economists surveyed by Dow Jones Newswires had expected the May PMI to slip to only 57.0.

from Marketwatch:
A Chicago-area manufacturing gauge dropped by the largest amount in nearly two-and-half years in May, in a further sign that the rise in oil prices and the Japanese earthquake have affected activity.
The Chicago PMI fell to a reading of 56.6% in May, the lowest reading since Nov. 2009, from 67.6% in April.