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ECON: ISM Non-Manufacturing Weaker Than Expected
Posted to: Micro News
Thursday, October 03, 2013 10:16 AM
- Non-Manufacturing Index 54.4 vs 57.4 Forecast
- Business Activity 55.1 vs 60.0 Forecast
- Employment Index 52.7 vs 57.0 previously
- Employment Index lowest since May
- Market Reaction: Bond markets rally at first, but holding near levels hit within seconds of the report. No negative bounce back, but no positive follow-through either.
"The majority of the respondents' comments continue to be positive; however, there is an increase in the degree of uncertainty regarding the future business climate and the direction of the economy."
Twelve industries reported increased business activity, and five industries reported decreased activity for the month of September. Comments from respondents include: "The turmoil and uncertainty of the current state of politics and the U.S. involvement overseas continues to drag on the economy" and "Seasonal growth/improved economic environment."
Employment activity in the non-manufacturing sector grew in September for the 14th consecutive month. ISM's Non-Manufacturing Employment Index registered 52.7 percent, which reflects a decrease of 4.3 percentage points when compared to the 57 percent registered in August. Nine industries reported increased employment, and seven industries reported decreased employment. Comments from respondents include: "Right-sizing the workforce" and "Hiring, but unable to fill all open positions."
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