Goldman With The Spin On The Services ISM Miss

Tyler Durden's picture

Because we still do have (faltering) economic data in addition to all the rumors out there.

Slower Growth, More Jobs

BOTTOM LINE: Slightly weaker news on nonmanufacturing business activity, with slower activity but more jobs. Factory orders a touch better than expected

KEY NUMBERS:

ISM non-manufacturing 52.9 for October vs. GS 53.0, median forecast 53.5.
Factory orders +0.3% (mom) for September vs. GS -0.4%, median forecast -0.2%.

MAIN POINTS:
1. The nonmanufacturing ISM index eased to 52.9 from 53.0, a bit weaker than expected. Both the business activity and new orders indexes fell sharply, although in both cases these declines were mainly a reversal of unexpected gains in prior months. Counter to these declines, the employment index recovered substantially from 48.7 to 53.3, the best reading since June. Overall, we view the news as just slightly weaker than expected.

2. Factory orders rose slightly in September, against expectations of a slight decline. Some of this was due to an upward revision to durable goods (including the core nondefense capital goods ex aircraft series).

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Spastica Rex's picture

MAIN POINTS:

1. Buy stocks; they can only ever go up long term.

2. Goto 1.

YesWeKahn's picture

I don't doubt about it, Bernanke will print additional 3000 trillion before he finally die in hell.

Temporalist's picture

That is 3 quadrillion.  He will just print 3 One Quadrillion dollar bills and fix this in 15 minutes.

Whatta's picture

can they break a quadrillion dollar bill down at the Kwickie Mart? I mean this year, not next year....may be able to by then.

the grateful unemployed's picture

buy cash, M1 money supply is parabolic!

GeezerGeek's picture

Goto? How quaint. Haven't seen one of those is a long time.

The preferred code now is:

While (1 == 1)

{

   Buy Stocks();

}

patience...'s picture

More like

 

Do

{

Buy Stcks();

}

While(The Bernak is suicidal);

 

 

 

nobusiness's picture

What is spiking the market now???

NEOSERF's picture

Likely that the referendum is scrapped and everything is A-OK in Europe...Obama is at the G-20 so things will be fine...

luna_man's picture

Remember...Bernac said he had two more tricks, I mean, tools up his sleeve!

GeezerGeek's picture

Careful with your wording. In journalism, if a story is 'spiked' it means it is killed. Or is the market expiring and I just didn't notice?

mayhem_korner's picture

 

just slightly weaker than expected

Same was said about the Fukishima containment vessels.

So today's print is a weak ISM service sector and yesterday was that the service sector was 90% of new payrolled jobs.  Looks like the service sector has been flooded with non-productive BofA dropouts and such.

TooRichtoCare's picture

MF Global and Jeffries merging with the National Bank of Greece, and then being purchased en-masse for $1 by Jamie Dimon....but only their assets, not any of their liabilities.....and their buildings and other real estate get valued at zero....and their employees now have to work for JP Morgan for free & without benefits....

Caviar Emptor's picture

Earlier data this morning: unit labor costs plunge -2.4% as non-farm productivity soars 3.1%

These are big numbers which indicate big underlying weakness in labor markets, and acceleration in the downward trend in median income. 

The trends have been set and are beginning to pick up. Consumer to get crushed. 

SheepDog-One's picture

Crushed up consumers make excellent tank track grease I hear.

Racer's picture

'Real' data that is bad? Must be very very bad in reality then.

Affect the 'markets' ? No not a bit... letting a bit of reality in between the fake rumours? Not a chance. HFTs wouldn't understand that

LongSoupLine's picture

Goldman Bottom Line: We adjust "expectations" to psychological levels way out of wack with reality.  These expectations are manipulated in accordance to the data we receive waaayyyy ahead of anyone else because we own your sorry fucking loser middle-class asses.

SheepDog-One's picture

Even 'servant based' US economic model collapsing.

Keep 'spending', at least on the right things....everyone got their 'Anarchists Cookbook' copy yet? Consume one for the coming days.