Today’s July jobs report was disappointing. We learned that U.S. companies added just 162,000 payrolls, missing expectations for a 185,000 gain.
But it’s this morning’s ISM New York report that really stole the show — the index exploded to 67.8 from 47.
The magnitude of the jump is the biggest in the two decade history of this report.
“New York City business activity expanded at the fastest rate in over two years,” noted the analysts at ISM.
The employment sub-index jumped to a four-month high of 54.1. And future optimism as measured by its six-month outlook index also spiked.