The ‘consensus’ on Tuesday’s ISM manufacturing index is 57.0 but the market is likely priced for 57.5-58.0.
The main reason for change is Friday’s blockbuster Chicago PMI report. It jumped to 64.3 from 52.6, smashing the 56.5 consensus in the wake and rising to the highest since May. Another upbeat indicator was the in the Markit manufacturing PMI as it hit a record high in the preliminary July release.
Economists have been raising their forecasts but some have been slow to act because of holidays but traders will definitely have adjusted expectations.
ISM manufacturing index expected at 57.0, or is it?
