Photo: By S1m0nB3rry on Flickr
Original post: This is the number that everyone has been waiting for: June ISM.The official estimate is for a 52.0 reading, down from 52.5, but prior to this week, lots of people were wondering whether we’d get a sub-50 reading, indicating contraction in the manufacturing sector.
Now people are little more hopeful.
The closely watched prices paid index is expected to be 70.9, down from 76.5 last month, a still very high number showing significant cost pressure for companies.
The number comes out at 10:00.
The number is out and it’s good: 55.3 is way better than expectations.
And even better, prices paid of 68.0 is below expectations of 70.9.
This is a huge win for the economic bulls.
Stocks are surging. Boom.