ISM Index (Trends in Color) – What Do They Tell Us.

The ISM manufacturing Index released earlier in the week tell a somewhat different story than the reports that we had seen most recently. While many of the regions are doing okay, they are not lighting the world on fire. Yet, they are still (as the FED would say) expanding, on balance.

Perhaps the one glaring section to note is the inventories. That is not so good to see as it is rising and new orders are slowing.