Incorrect ISM Manufacturing Survey Briefly Causes Market Panic

US equity markets have recovered after a series of corrections from the Institute for Supply Management (ISM) have brought the private group’s May manufacturing index in line with expectations. The ISM initially reported 53.2 for its May manufacturing index, down from 54.9 in April, startling investors and pushing the S&P 500 (INDEXSP:.INX) from 1924 to 1916 before analysts realized that something was wrong and the numbers were revisited. The ISM has since issued two corrections, first revising the survey up to 56 and then down a bit to 55.4. ISM likely used April numbers for seasonal adjustment “When I was first…