The ISM non-manufacturing employment index fell to 41.1 in September from last month’s 44.3. This should take away any chances for upward revisions to Friday’s payroll release. The standalone business index finished at 55.2 from 55.1 a month prior, while the prices paid Index jumped to 53.0 from 48.8. The headline number came at 50.6, […]
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employment index
It is unlikely that this morning’s ADP data (-203K), will lead to any substantial payroll revisions, despite what was a stellar ISM employment index. I wanted to note that over the decades, as the US has shifted from a manufacturing to service oriented economy, the significance of the relationship between the manufacturing ISM’s employment index […]
July’s non-manufacturing ISM came in at 46.4, compared to last month’s reading of 47.0 in June, and a market consensus of 48.2. July’s employment index moved to 41.5 from 43.4. The prices paid index moved to 41.3 from 53.7. Weakness in the employment index coupled with a weaker than anticipated ADP report could place negative […]