The last Macro View post was wonkish in regards to how the headline ISM indexes are calculated. While Mish was discovering some of the nuances of the reports, we also explored the inventory index in depth and showed that on a month-over-month basis it is fairly random with no discernible trend. One month it added to the headline index and the next it was just as likely to be negative as positive from the last index number.
The PMI index showed strength in the five core categories, which reversed both the trend and the very bad showing in May when all the categories were negative and very significant. This led to the PMI handily beating the consensus of 52 and above the consensus range reported by Econoday of 51 to 55 with a PMI index of 55.3%.
But unfortunately, the non-manufacturing index ("NMI") did not provide as much positive news
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FIRST SOLAR FINISAR FEI COMPANY FAIRCHILD SEMICONDUCTOR INTERNATIONAL FAIR ISAAC
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