National Manufacturing Unchanged

Posted by Patrick O'Connor on 5/1/08 10:39 am

The ISM Manufacturing Index held steady at 48.6 in April, matching March’s reading, but still in contraction territory (any reading below 50).  Nevertheless, Wall Street was relieved the weakness in national manufacturing did not intensify.

The ISM report is more hard evidence that the economy is soft, but it also suggests the economy is not tanking.  As a result, investors are pushing stock prices higher, knowing history suggests the stock market tends to turn higher about four months before the economy.  Watch the second half of Louie’s video clip.

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