The ‘consensus’ on today’s ISM manufacturing index is 57.0 but the market is priced for 57.5-58.0.
It’s out at 10 am ET (1400 GMT) and is the main data point on the economic calendar today.
The main reason for the difference 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?
