Services index enters contraction for the first time in more than a year
Let’s get some ISM services to closeout this busy week. Rick Santelli. He’s got it. Hey, Rick. Yeah, there’s a tug of war going on embedded in these numbers, Carl. Now these are from ISM versus S&P Global and they’re also the service side. If we look at the headline, it dipped back below 50. It’s 49.4. We haven’t been under 50 since Dease of 22, and that’s where we comp to because that was 49.0. If we look at prices paid, the exact opposite scenario, it’s moving higher 59.2. Now granted it only comps to January of this year when it’s 64. But in the interim period, but we were lower. The lowest of the year of course was last month’s read at 53.4. That was the weakest going all the way back, believe it or not, you have to go all the way back to 2016 to find a weaker number than that. So yes, this was a big deal. Now if we look at ISM Services employment after we just had the big employment report, it comes in lighter at 45.9. It actually was kind of in correlation with that #45.9 that would be the weakest going back to Dees of last year and. Finally, the new orders component expected to be around 55. Last look 54.4 drops down to 52.2 that would be the weakest going back to 52.2, have to go back aways. That’s the weakest since these of 22 when it was 45.0, it’s been running on the strong side and of course even though it’s above 50 and expansion boat, it’s still weaker than we’ve seen in years. Sarah, back to you.