The May ISM services index was 44, 1 pt less than expected but up a
touch from April and is at the highest since Oct ’08. The Business
Activity component fell almost 3 pts to 42.4 but is in line with the 6
month avg and is about 9 pts above the Nov low. Unlike within the ISM
mfr’g, New Orders fell to 44.4 from 47 and Backlogs fell 4 pts to 40.
Employment did rise 2 pts to 39, still weak but it’s the highest since
Oct and the service sector makes up at least 80% of the labor force and
combining this with the ADP # gives me reason to believe that Friday’s
payroll # shouldn’t be that far from expectations. Export Orders fell
1.5 pts to 47 but exporting services is certainly different than
exporting goods so the ISM mfr’g # is more relevant with this category.
According to ISM, respondents comments remain mixed as some indicate
signs of stabilization, “while others continue to have a negative
outlook on the economy.”
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.