Disastrous ISM Services reading
The overall ISM sank to 41.9 from 54.4 a month earlier. That was the worst reading since October 2001, right after the 9/11 attacks. The subindex for new orders tanked to 43.5 from 53.9 -- also the lowest reading since October 2001. And the subindex for employment dropped to 43.9 from 51.8 -- the lowest since February 2002.