The number: Pretty decent… 54.3 is solidly above expectations and up from last month. This isn’t a lights out number, but it continues a trend of beating expectations, which helps fuel stock market gains.
Stocks are slipping a little bit on the news, but basically aren’t moving.
Background: Analysts are looking for a reading of 53.4 this morning from the ISM services compared to 53.2 last month.
The ISM manufacturing index came out on Monday, and it was much stronger than expected, providing our first real look into Q4 GDP.
One potentially bullish tell: the services sector from this morning’s ADP report was very strong.