Results of the April ISM manufacturing survey

  • Prior was 57.2
  • Prices paid 68.5 vs 67.7 expected
  • Prior prices paid was 70.5
  • Employment 52.0 vs 56.0 prior
  • New orders 57.5 vs 64.5

It's a miss but it's really just taken some of the steam out of the election rally. Then again, that could be telling. There's a sense of disappointment setting into Trump trades and rather than the real economy catching up to the sentiment surveys, the surveys are falling back.