ISM re-corrects May manufacturing index, now stands at 55.4 (was 53.2, corrected to 56)

May ISM Index now 55.4

ISM has corrected its May manufacturing index for a second time, the company told CNBC on Monday. (For more on the earlier error, click here.)

The reason for the second correction was not immediately clear. In the case of the first correction, the survey's lead, Brad Holcomb, said there was a software error that applied last month's seasonal adjustment factor to this month's data.

Stocks came off the lows of the day after word of the initial adjustment began to circulate. The market was still higher after the second revision.

Economists had expected a reading of 55.5.

This story is developing. Please check back for further updates.

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—Reporting by Steve Liesman