The ISM is an economic report on manufacturing and production health, it is a composite index, meaning that it is calculated from a number of surveys given to buyers across 300 or so manufacturers across the country, basically getting their current situation in terms of current production, new orders and any backlogged orders they have.
A 56 was expected on this index and the report came out as a 51. A five point change in expectations is big news and this video explains why you should care.
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