Disastrous ISM Services reading
It looks like the Institute for Supply Management's figures for January may have leaked early, according to CNBC. Whether that was the case or not, the group upped the release time to a few minutes ago from the customary 10 a.m. time. And the results were anything but good ...
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.
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.
posted by Mike Larson at
9:03 AM
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