Photo: Flickr / soylentgreen23
The number is good.
57.3 is well above estimates of 56.0, and another jump from the 56.8 seen last month.
Pretty much all the subindices were strong, including a big jump in new orders.
That new orders index went from 59.4 to 61.2,
One bad news: The employment index fell from 57.4 to 55.7.
The employment subindex was also disappointing in last week’s ISM, and it was disappointing in the Philly Fed report earlier last month, which mitigates the possibiility of a big blowout for Non-Farm Payrolls this Friday.
ISM non-manufacturing will be the first big datapoint of what will be a very jammed week for data.
The number comes out at 10:00 AM.
Analysts expect a reading of 56.0, down a hair from 56.8 in the previous month.
Around the world, we’ve seen several PMI Services reports (the same thing) today, and they’ve been a mixed bag.
Europe was pretty ugly, with bad numbers in Spain and Italy. France and Germany were OK. In the emerging world, BRICS non-manufacturing reports were solid.
A little more context: Last week’s manufacturing ISM was pretty mediocre, with a disappointing employment subindex.