In her 2000 hit "Try Again," Aaliyah sang, "If at first you don't succeed, you can dust yourself off and try again." The Institute for Supply Management certainly took that lesson to heart on Monday, when it corrected its May manufacturing number not once, but twice—significantly moving stocks and bonds, and significantly annoying market participants in the process.
When the ISM May manufacturing index was released at 10 a.m. EDT, it came in at 53.2, below expectations of 55.5. But the institute soon said it had applied the wrong seasonal adjustment to the May data, which led to a depressed number, and corrected the reading to 56. However, shortly after this correction, ISM recorrected the data, saying the index actually came in at 55.4—nearly exactly in line with expectations
Stocks and bonds certainly reacted to the news.