Editing Institute for Supply Management (section)

==Controversies==
In 2013, the [[U.S. Securities and Exchange Commission|U.S. Securities and Exchange Commission (SEC)]] investigated the early release of the June 2013 Manufacturing ISM ''Report On Business'' by mass media and information firm [[Thomson Reuters]]. According to a [[CNBC]] article [[High-frequency trading|high-speed trading]] surged 15 milliseconds before the report was scheduled to be released:

: ...ISM's manufacturing data was inadvertently sent out early by Thomson Reuters on June 3rd to its high-speed clients, many of whom immediately traded on the information. There was a sharp market reaction to that burst of trading, which prompted downward moves in the [[SPDR S&P 500 Trust ETF|SPY ETF]], which serves as an investing tool for traders to bet on the overall direction of the market. That downward surge [allowed insiders] more than enough time to profit from early knowledge of market-moving information.<ref name="Javers cnbc">{{cite web|last1=Javors|first1=Eamon|title=SEC Investigating Early Release of Reuters, ISM Data|url=https://www.cnbc.com/2013/06/27/sec-investigating-early-release-of-reuters-ism-data.html|website=CNBC|date=27 June 2013|access-date=21 April 2015}}</ref>

After a telephone inquiry from the SEC about the early release of the data, Thomson Reuters issued a statement explaining that the early release was due to a clock synchronization issue. At the SEC's request, the firm voluntarily provided a redacted copy of its contract with ISM. In an interview with CNBC, ISM CEO Thomas Derry said that after speaking with Thomson Reuters about the mechanics of their release process, he was confident it was an isolated occurrence. He also indicated that “We have not been contacted by any government entity.”<ref name="Javers cnbc"/>

On June 2, 2014, ISM released the [[ISM Report On Business|ISM ''Report On Business'']], its closely followed monthly manufacturing report, and then revised it twice in the span of about two-and-a-half hours, a highly unusual event. The initial figure of 53.2 was lower than anticipated and indicated a slowing of the pace of factory-sector growth, and this caused stocks to dip immediately. Economists disputed the report's accuracy.<ref>{{cite web|title=ISM manufacturing data revised after hours of confusion|url=https://www.cnbc.com/2014/06/02/ism-may-manufacturing-index-was-incorrect-earlier-correct-figure-560-not-532-report.html|website=CNBC (Reuters)|date=2 June 2014|access-date=16 October 2015}}</ref>

ISM's final correction of 55.4 was almost in line with [[Wall Street]] expectations, indicating brisk growth, and the stock market rebounded quickly and closed the day with a modest gain.<ref>{{cite web|last1=Kell|first1=John|title=Stocks rise after revised May manufacturing data|url=http://fortune.com/2014/06/02/ism-may-manufacturing/|website=Fortune (magazine)|access-date=16 October 2015}}</ref> In a statement, ISM attributed the errant report to a software glitch that "incorrectly used the seasonal adjustment factor from the previous month."