The Institute for Supply Management's non-manufacturing index is an unloved instrument. When at its highs it means that the United States creates nothing, and just pushes around paper and capital. When shrinking, it means not even that ability will save the economy from a catering disaster.
The Institute for Supply Management's non-manufacturing index, which covers almost 90 percent of the economy, dropped to 44.4, weaker than forecast and the lowest level since records began in 1997, the Tempe, Arizona-based group said today. A reading of 50 is the dividing line between growth and contraction. Other reports showed job losses climbed.
That's not pretty. We hear there are jobs to be had at the IRS however.
ISM Services Index in U.S. Slumped to Record Low [Bloomberg]