ISM = 56.9

Still more confirmation that the Double Dip was a bunch of hooey: the ISM is now at its highest level since May.

The ISM’s U.S. new orders climbed to 58.9 from 51.1, while the production index jumped to 62.7 from 56.5.

Employment, Exports

The employment gauge rose to 57.7 from 56.5, and the index of export orders increased to 60.5 from 54.5.

The measure of orders waiting to be filled fell to 46 from 46.5 and the index of prices paid increased to 71 from 70.5.

The inventory index fell to 53.9 from 55.6 in September, which was the highest since July 1984, while a gauge of customer stockpiles rose to 44 from 42.5. A figure higher than 50 means manufacturers increased stockpiles.

Consumer spending rose less than forecast in September and incomes dropped for the first time in more than a year, a Commerce Department report showed today. Purchases rose 0.2 percent, the smallest gain in the third quarter. Incomes dropped 0.1 percent, the first decrease since July 2009.

See that little dip earlier this year? Yes, that’s the scary Double Dip. That’s what had the bears screaming from the rafters all summer.

Posted by on November 1st, 2010 at 10:37 am


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