FYI: Today's release of the ISM Non Manufacturing report for the month of December disappointed the street with a larger decline than expected. While the consensus forecast called for the headline index to drop to 58.0 from last month's level of 59.3, the actual reading came in nearly two points lower at 56.2, which was the lowest level since June. This was also the largest monthly decline since September 2013. Also, accounting for each sector's share of the total economy, the combined ISM reading for December came in at 56.1, which was down 3.1 points from November and the largest monthly decline since November 2008.
Regards,
Ted
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