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Non-Manufacturing ISM Remains Subdued in January

February 3rd, 2010 Michael McDonough

Janurary’s non-manufacturing ISM release rose modestly to 50.5 versus 49.8 in December. This was just below the Bloomberg consensus forecast of 51.0. The employment index rose to 44.6 from 43.6, while the prices paid index climbed to 61.2 from 59.6.  The new orders index took a bit of a bounce in January moving to 54.7 versus 52.0 a month prior, which could help to bolster the index next month.  Growth in the service sector, unlike manufacturing, has been relatively subdued over the past six months with the index bobbing around the 50 break-even point since August.  This report is further evidence of uneven economic growth and the fragility of the current economic recovery.

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