ISM as an Economic Indicator

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The ISM index and unemployment growth rates show negative correlation while ISM shows positive with monthly Shiller P/E10 Ratios across S&P 500             . Why would price multiples on equities rise if manufacturing doesn't rise, if GDP growth doesn't rise? Deviation of ISM and P/E10 trendline signals point in credit cycle and overvalued equity.
Comment: Using ISM as THE economic indicator
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