ISM Services Prints At 53.2, Beats Expectations, As New Export Orders Surge
So the ISM Manufacturing miss caused the market to surge, and the ISM non-manufacturing beat caused markets... to surge. ISM non-manufacturing came at 53.2 up from 51.5, slightly beating expectations of 52.0. The various components come as follows: New Orders: 54.9 vs. Prev. 52.4; Employment: 50.2 vs. Prev. 48.2; Prices: 60.1 vs. Prev. 60.3; Business Activity: 52.8 vs. Prev. 54.4.Although the one most important metric, and definitive outlier, was the Export New Orders, which exploded at 58, an increase of 11.5: the highest since June 2007. Thank you weak dollar: it appears the US is once again exporting weapons of mass financial destruction.
From the respondents survey - we dare readers to find the prevailing sentiment:
- "General state of the business has not changed in the last three
months. The market is still soft for new sales due to financing
- "Business seems to be flat from last month." (Finance & Insurance)
- "Signs that the economy may be improving, but our sector is still
flat or declining." (Professional, Scientific & Technical Services)
- "Business activity is generally stable — slightly better than last year." (Accommodation & Food Services)
- "Third quarter is looking profitable with improving confidence and
expectations in the economy. Capital expenditures are being approved."