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Takeaway: Today's report was better than the worst report in over three decades. Joy.

So, this morning’s ISM manufacturing report really couldn’t have been much worse. In case you missed it, the ISM index for February inched up to 53.2 versus 51.5 in January—a bump off the lows.

Let's dig in a little deeper than Old Wall Consensus chirping about "beating expectations!"

Reality check ... New Orders went from 64.4 in December to 51.2 in January, then to 54.5 in February.

Note that the drop in New Orders (from DEC to JAN) was the worst since 1980. In other words, today's report was better than the worst report in over three decades. Joy.

Meanwhile, Prices Paid (see Hedgeye research on #InflationAccelerating) remained very sticky at 60.0.

ISM: From God-Awful to Just Awful - ism prices

ISM: From God-Awful to Just Awful - ism 2

Up next, Obama's Budget. Should be a beauty.  #RampsSpending

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