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August 5, 2013

Strange Media Coverage of Fundamentals

August 5, 2013

Strange Media Coverage of Fundamentals

ISM Non-Manufacturing Index (July 2013)

– Composite Index 56.0. Previous was 52.2.

While the report is positive with New Orders up it does have some concerns:  the employment component (intention to hire) fell and prices paid were up.

For me, the news last week was not only the weak GDP and BLS reports but the inaccuracy of media coverage.  I read an article in Saturday’s San Francisco Chronicle which summarized the data for last week and never mentioned the GDP report for the 2nd Quarter.  The article stated “The [BLS] report dampens what had been a week of reasonably good economic data…”