In its top of the half hour news segment NPR wrongly told listeners that the Institute of Supply Management's (ISM) October manufacturing index showed manufacturing at its lowest level in 26 years. That's not true. The ISM index shows rates of change, not levels. In other words, it is comparing October with September, not October with all past times. The ISM index actually showed that the rate of decline in manufacturing in October was the most rapid in 26 years, which is cause for serious concern. However, the level of output is still well above its level of 1982.
--Dean Baker
