by Jeffrey P. Snider
If there is any wonder why PMI’s deserve scorn, this morning’s twin bill delivered solid reasoning. Both the ISM Manufacturing Index and the Markit Manufacturing PMI declined, and both remained above 50. However, there was no real consensus about what any of it meant. Depending on the media outlet determining commentary about either, there was both positive and negative spin on each. Further, the internals of each survey showed quite divergent views in important subcomponents.
Starting with the ISM, the overall index fell back to just 50.8 after jumping to 51.8 in March.