Wow, quite a doozy this morning from the ISM Non-Manufacturing figure – 52.8. This is a huge drop from 57.3 in March, and way below expectations of 57.8. While Monday’s ISM Manufacturing gets all the press, that is only 11% of the economy, whereas the service sector dominates. We will have to see in 30 days if this was an anomaly of some sort. New orders were obliterated. Prices paid dropped from 72.1 to 70.1 – interesting how this report is the polar opposite of manufacturing.
(for those new to these reports, above 50 = expansion, below 50 = contraction)
On the plus side… the slowdown in many economic figures the past 8 weeks sets us up well for QE3! Booyah!
Full report here.
WHAT RESPONDENTS ARE SAYING …