The ISM PMI for September came in today at 51.5 so of course the cheerleaders are proclaiming the economic expansion is alive and well. I'm sticking with my the expansion ended in August 2012 call when the first sub-50 reading was clocked. This recent uptick is simply a pullback in a downtrend which began early last year in January when the index reversed off the 60 level.
So enjoy this bounce while it lasts because soon enough the data will be trending down again to new lows...
