Weirdness, but on the Upside

Weirdness continues (i.e., news is bad (in that the index is below 50), but not as bad as expected, and therefore is good), although perhaps it is fading:

The Institute for Supply Management said its manufacturing index was 49.4 percent last month, up from 45.4 in April. A reading below 50 means manufacturing activity is slowing; above 50 indicates the industry is growing.

The result was somewhat better than forecasts by analysts, who had expected the long slowdown in the manufacturing sector to continue and had projected a reading of 48.5.

But, I guess this is the bottom line:

``There are signs of life in manufacturing,'' said Norbert J. Ore, who oversees the index for ISM.

as stocks are up on this news, as well as the FCC Rules change, amongst other reasons

Source: Manufacturing Activity Slides, but Shows Improvement