Another ISM Out of Left Field

Monday we saw an ISM Manufacturing Index beat that was just out of left field, it was strong, but wan't corroborated anywhere in any other manufacturing report, in fact the exact opposite. Just 1 day earlier we saw one of the worst PMI's in years.

This morning ISM does it again, but this time with Services...

Released On 10/3/2012 10:00:00 AM For Sep, 2012

Prior Consensus Consensus Range Actual Composite Index - Level 53.7  53.5  52.0  to 54.7  55.1

A blowout print, way above consensus.

I think a lot of people are scratching their head after seeing so many horrible manufacturing and to a lesser extent, services reports and not just in the US, but worldwide-even today!

Who knows what this is about, but the one weak spot in the report's sub-indicies was as you might have guessed, employment which doesn't make a lot of sense if services are flying like this that they are cutting back on the hiring. In any case, that's what it is until/unless it's revised.