Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

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.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter