World Business News

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Red faces after double data failure moves US markets

Zone(s): USA ¦ Sector(s): Finance, Economy
[3 June 2014, CITY A.M.]  A major stateside data firm faced embarrassment yesterday when it was forced to admit a US economic release that moved markets was inaccurate, and had to be corrected twice.

The manufacturing PMI for May from the Institute for Supply Management (ISM) was originally announced as 53.2, a drop from the previous month. When the mistake was corrected, the score rose to 56, an improvement on April’s figure. ISM then had to issue a third statement, saying that the figure should have been 55.4. Any figure above 50 indicates growth.

ISM blamed a software failure for the gaffe, which applied the wrong seasonal adjustments to the raw survey data.

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