ISM Services Tumbles To 20-Month Lows As Employment Plummets

Following Manufacturing's collapse, ISM reports that the Services sector has slumped to its weakest since August 2017.

In the latest sign of weaker economic momentum at the start of the second quarter, the non-manufacturing index declined to 55.5 in April from 56.1...

Under the hood, it's just as ugly with new orders and employment both tumbling (the latter to two year lows).

The weakness in employment contrasts with Friday’s U.S. jobs report, which showed payrolls climbed in April by a robust 263,000 that topped all projections.