Economic indicators were a mixed bag this morning, with the Chicago Purchasing Manager’sIndex report for June indicating a bigger than expected pickup from May, while consumer confidence data was up, but not as much as hoped.
As it happens, the market is going with the consumer disappointment, with the Dow sagging 94 points to 8434, and the S&P 500 off 10 points to 916.
Our friends at RDQ Economics take the PMI data as a clear further sign of the recovery in manufacturing, and say the strong number indicates their could be upside to the firm’s projection of 44.0 for tomorrow’s ISM manufacturing data.
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