Holy Cow! ISM Manufacturing Hits 161-Month High

Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough, entitled "161 Month Highs." Click here to get 3 months of the Early Look for the price of 1. 

For those of you interested in contextualizing a 161-month high ISM (Institute of Supply Management) report yesterday:

1. That was a SEP report and the 161-month high of 60.8 followed the 76-month high of 58.8 in AUG
2. The New Orders component of ISM ramped to 64.6 in SEP from 60.3 in AUG
3. The Employment component of the ISM got above 60 for the 1st time in 76 months
4. The Prices Paid component of the ISM ripped to 71.5 in SEP from 62.0 in AUG