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Non-Manufacturing ISM Follows Its Manufacturing Cousin Lower, Misses Expectations
After the manufacturing ISM printed in contractionary territory a few days ago, there weren't many high expectations for today's Non-manufacturing ISM number. Which is good: printing at 52.1, it was a miss to expectations of 53.0, and down from 53.7. This was the 3rd month in a row of drops, and the 3rd downside miss in the last 4 data releases. Spin: at least it was above 50. And also the employment number rose. Which of course is the last thing the market needs, because if NFP comes much better than expected tomorrow, kiss more NEW QE goodbye for a while.
ISM Services drops to its lowest since January 2010...
Summary table:
From the respondents:
- "General state of business this month is flat, with no changes." (Construction)
- "Business is steady and an increase over last month, as we begin our peak season." (Arts, Entertainment & Recreation)
- "We are starting to experience a slowdown from the modest, grinding improvements our market areas have been experiencing of late." (Finance & Insurance)
- "Patient counts continue to be lower than budget." (Health Care & Social Assistance)
- "Business is still growing, but there has been a definite slowing in growth." (Wholesale Trade)
- "We have noticed a slowing of customer counts and sales over the last 30 to 60 days, compared to the same period last year." (Accommodation & Food Services)
- "Stable business globally, but softening backlog as clients further tighten discretionary spend." (Professional, Scientific & Technical Services)
Commodities in Short Suppl: Computer Products; Gloves; and Technical/Technology Labor.
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Lowest point since March 2010!!!!
http://confoundedinterest.wordpress.com/2012/07/05/consumer-discomfort-mortgage-applications-fall-6-67-consumer-comfort-drops/
And Obama says the private sector is doing fine??????????????????????!!!!!!!!!!!!!!!!!!!!!!!!!!11111
Have you see the profit margins lately?
I was waiting for the revisions.
Bernanke's balls are in a vise now! LOL
As I said after ADP release, my son got a lifeguard job in early June. He's just not spending any of his money........job numbers don't mean squat in my book.
Look at orders backlog and look at exports. Eeeeesssshhhhhh............
Hope this was not your son but thankfully he is someone who knows the value of human life over bureaucratic dogma
http://www.metro.co.uk/weird/904285-lifeguard-sacked-for-saving-drowning...
3 things: 1. No, this wasn't my son. 2. I would hope my son would do the same thing and save ANY drowning victim (but my son works at a private pool, so no worries there). 3. That story pretty much describes America now in that liability (think lawyers) trumps humanity..........
ECB is still .75 further ahead then the fed
.........................and?
There's going to be alot of sheeple scratching their heads during tomorrow evenings' news wondering why the Dow was down on "good" employment numbers.
Update: Now the squid is herding the sheeple into the Dow with a "better than expected NFP forecast".
But all news is still good news right so I should stay long??
All news is good news! The recession is over!
Now go and consume and obey the TV.
I have a hard to believing the "computer products" are in short supply. I know there were problems with flash memory manufactoruing, but I can get great deals on even the Ivy Bridge processors.
There's a "housing shortage" too...only 12 million listed and 15 million in shadow inventroy....lol
This news was just to be expected, when you combine Manufacturing and Non-Manufacturing surveys together and take a weighted sum to get a composite you can compare this to the Whole Econonomy SMI by World Economics: http://www.worldeconomics.com/SMI/SalesManagersIndex.efp . The SMI takes about 5% above the PMI but all trends are all almost exactly the same. Mark my words that July will continue on the same path.
You are worried about more QE?
The last thing you want is more QE!
You don't solve a debt problem with more debt!
If there is going to be more stimulate, the money should go directly to the people (debt jubilee).
Have you Americans turned into socialist?
Todays global easing will temporarily push US equities higher, even with lower ISM. Where else is the $$ going to go? Still think setting up for Sept crash, until then SPX above 1,425-1,450 by mid august.