Summer is providing a welcomed distraction in my reading. It is a good time for me to write what my observations add up to. It is not surprising that the stock market has moved up since I decided to fully hedge equities at the beginning of July. At that time, there was no lack of clear heads describing the increased level of risk that has formed in the stock market. That risk has not diminished in my mind and it has not discouraged traders from bidding prices higher. But the question continues, what do I see?
Showing posts with label ISM Non-Mfg Index. Show all posts
Showing posts with label ISM Non-Mfg Index. Show all posts
Tuesday, August 3, 2010
Tuesday, July 6, 2010
ISM Non-Manufacturing Index Report for May 2010
From Bloomberg today:
Highlights
Peak growth may have already come and gone, a worry of the global markets and indicated by the ISM's June report on non-manufacturing. The headline composite index slipped back 1.6 points to 53.8 for its lowest reading since February. Nearly all details indicate a slower rate of growth in June than in May. New orders fell nearly three points to 54.4 for its lowest reading of the year and joining the ISM's manufacturing index for new orders which, in data released last week, is also at its lowest of the year.
Business activity, at 58.1, is at its lowest level since February. Employment edged back to 49.7 ending its one-month visit over breakeven 50. Backlogs slowed slightly, export orders contracted, imports contracted, inventory gains slowed, and even prices slowed.
Today's report is not good news for the stock market which may continue to discount economic slowing for the months ahead. Today's report will also increase talk that new rounds of government stimulus may be in order.
Highlights
Peak growth may have already come and gone, a worry of the global markets and indicated by the ISM's June report on non-manufacturing. The headline composite index slipped back 1.6 points to 53.8 for its lowest reading since February. Nearly all details indicate a slower rate of growth in June than in May. New orders fell nearly three points to 54.4 for its lowest reading of the year and joining the ISM's manufacturing index for new orders which, in data released last week, is also at its lowest of the year.
Business activity, at 58.1, is at its lowest level since February. Employment edged back to 49.7 ending its one-month visit over breakeven 50. Backlogs slowed slightly, export orders contracted, imports contracted, inventory gains slowed, and even prices slowed.
Today's report is not good news for the stock market which may continue to discount economic slowing for the months ahead. Today's report will also increase talk that new rounds of government stimulus may be in order.
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ISM Non-Mfg Index
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