ISM Forecasts Have Been Crashing

Later today, the US ISM Manufacturing report comes out.

Analysts expect a reading of 50.6, down from 51.3.

But estimates have been coming down fast in the face of weak regional data.

Citi's Steven Englander blasts out a note:

The median Bloomberg forecast is 50.6, the central tendency of distribution of forecasts is 50-51.4; Cit is at 50. Note however that the there is a fat tail of weak forecasts on the weak side extending down to 49.

Citi

The number will be out today at 10 AM ET.