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Calculation error masks US manufacturing five-month high

Calculation error masks US manufacturing five-month high

A mistake in the calculation of seasonal adjustments led to the Institute for Supply Management (ISM) to incorrectly announce that US manufacturing activity fell from 54.9 to 53.2 on its index, when actually it increased to a five-month high of 56.

A reading of more than 50 on the closely-watched index denotes an expansion, while less than 50 is a contraction.

'The new May survey fits closely with the improving picture evident in the regional survey data and the Markit national PMI,' Paul Ashworth, economist at Capital Economics, noted.

'Overall, based on the corrected survey, it appears that manufacturing activity is still gathering momentum after the winter slowdown.'

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