ISM Manufacturing Posts Disastrous Miss For December In Blow To Reflation Narrative

ISM Manufacturing Posts Disastrous Miss For December In Blow To Reflation Narrative

On a day when stocks were on the back foot following a black swan geopolitical escalation in the Mideast, just about the last thing the market needed was a disappointing ISM manufacturing print. The gauge had been in contraction for four consecutive months headed into the December number. The disconnect between ISM's factory gauge and Markit's manufacturing PMI had become glaring. Unfortunately, ISM not only missed, but in fact missed "bigly", printing a far worse-than-expected 47.2. That is t
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