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ISM Services Collapse To Lowest In 4 Years; Employment Worst Since Lehman

Tyler Durden's picture




 

ISM Services headline index collapsed to 51.6 (missing expectations of 53.5) to its lowest since February of 2010. We are sure many will proclaim this as "weather-related" but remember the strong performance of the Manufacturing print. Respondents worried about weather, Obamacare, and oil prices... as the employment sub-index crashed from 56.4 (highest since Nov 2010) to 47.5 (lowest since Mar 2010) - the biggest drop since Lehman!

 

Big miss and lowest print in 4 years...

 

ISM Services Employment craters...

 

And before you blame the weather, the Manufacturing and Services data do not converge on that opinion...

 

 

Respondents worried about weather, Obamacare, and oil prices...

  • "Steady — trending slightly lower." (Finance & Insurance)
  • "Economy still plugging along, but at a very slow rate of growth." (Professional, Scientific & Technical Services)
  • "The Affordable Care Act is creating significant financial uncertainty to healthcare organizations. With little warning, the negative impact on revenue has been unprecedented." (Health Care & Social Assistance)
  • "Passage of the federal budget and subsequent funding appropriations are allowing government agencies to start spending funds on planned new projects." (Public Administration)
  • "Oil prices continue creeping upwards along with chemicals." (Utilities)
  • "Cold winter weather has had a major affect on us when compared to year-over-year." (Wholesale Trade)
  • "Winter weather is slowing down our projects; it should only be until April." (Construction)
 

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Wed, 03/05/2014 - 11:13 | 4511612 Stoploss
Stoploss's picture

Sounds like the respondents are either scared, or refuse to acknowledge reality.

OK, or both.

Wed, 03/05/2014 - 11:13 | 4511615 Let The Wurlitz...
Let The Wurlitzer Play's picture

As long as the stock market is up everything is OK.

 

Wed, 03/05/2014 - 11:49 | 4511831 Four chan
Four chan's picture

i'm surprised we are not up 300 points on this number.

Wed, 03/05/2014 - 16:06 | 4513136 bnbdnb
bnbdnb's picture

The train needs more steam!

Wed, 03/05/2014 - 12:07 | 4511952 Everybodys All ...
Everybodys All American's picture

This is what passes for journalism http://www.huffingtonpost.com/2014/03/04/obamacare-january-bea_n_4892267.html?ncid=txtlnkusaolp00000592

the propaganda is unprecedented.

Wed, 03/05/2014 - 12:47 | 4512158 TheRideNeverEnds
TheRideNeverEnds's picture

Give it some time, we are resting here and gathering steam for the push higher.  Maybe we will get a good 10-20% increase in the jobless claims tomorrow and that will help push us up past 1900.  

Wed, 03/05/2014 - 12:47 | 4512159 TheRideNeverEnds
TheRideNeverEnds's picture

Give it some time, we are resting here and gathering steam for the push higher.  Maybe we will get a good 10-20% increase in the jobless claims tomorrow and that will help push us up past 1900.  

Wed, 03/05/2014 - 11:14 | 4511618 Rising Sun
Rising Sun's picture

hey Barry - suck on this!!!!

 

you too Yellen - start sucking!!!!!

 

good job to the both of you - you fucking wretched assholes!!!!!

Wed, 03/05/2014 - 11:14 | 4511621 khakuda
khakuda's picture

We should all hope the economy doesn't slow as this portends.  If it does, Yellen will go Abe and the S&P will sail happily into bubblephoria.

Wed, 03/05/2014 - 11:15 | 4511626 Debtonation
Debtonation's picture

Recession (whisper)

Wed, 03/05/2014 - 11:45 | 4511806 NoDebt
NoDebt's picture

Within the larger depression, yes.

Wed, 03/05/2014 - 11:15 | 4511629 Heiman Van Rock...
Heiman Van Rockerchild's picture

http://www.thirdworldtraveler.com/Banks/Tragedy_Hope_excerpt.html

Pg. 324: the powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences. The apex of the system was to be the Bank for International Settlements in Basle, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank, in the hands of men like Montagu Norman of the Bank of England, Benjamin Strong of the New York Federal Reserve Bank, Charles Rist of the Bank of France, and Hjalmar Schacht of the Reichsbank, sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.

Wed, 03/05/2014 - 11:17 | 4511635 NoIdea
NoIdea's picture

The news sent the market lower for all of ten minutes. It's getting harder to spot the dips to buy

Wed, 03/05/2014 - 11:18 | 4511645 ebworthen
ebworthen's picture

Let me guess, markets are green?

Wed, 03/05/2014 - 11:23 | 4511665 dobermangang
Wed, 03/05/2014 - 11:23 | 4511664 HaroldWang
HaroldWang's picture

Overall respondents' comments reflect cautiousness regarding business conditions and the economy - not so much "weather-related" as talking heads would like everyone to believe.

Wed, 03/05/2014 - 11:24 | 4511675 praps
praps's picture

Rivets are going to start popping soon.  

Wed, 03/05/2014 - 11:25 | 4511676 buzzsaw99
buzzsaw99's picture

as long as the maggots are happy that's all that matters

Wed, 03/05/2014 - 11:27 | 4511686 Bosch
Bosch's picture

/threadjack

Smith & Wesson up 18% today.  Suck it libtards. 

Wed, 03/05/2014 - 11:33 | 4511719 FieldingMellish
FieldingMellish's picture

So... bullish then.

Wed, 03/05/2014 - 11:43 | 4511794 starman
starman's picture

"Cutting costs" what they call this at corporate meetings.

And there's more to come!

Wed, 03/05/2014 - 13:23 | 4512339 Spungo
Spungo's picture

Thank god most Americans hold the majority of their wealth in the stock market. If they relied on archaic things like jobs, they would be in some serious trouble right now.

Wed, 03/05/2014 - 14:01 | 4512548 RevRex
RevRex's picture

Recovery Summer Five is right around the corner, just as soon as the economy hits escape velocity.......Obama said so, and if you don't trust him, "your raycisststs"

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