FYI: After what has been truly a miserable few weeks of economic data relative to expectations, there was a pleasant surprise on Wednesday morning when the ISM Non-Manufacturing report for the month of April came in better than expected. While economists were forecasting the headline print to come in at a level of 55.8, the actual reading came in ar 57.5 and nearly erasing all of March’s decline. On a combined basis and accounting for each sector’s weight in the overall economy, the April ISM came in at a level of 57.2. That’s still slightly off the multi-month high of 57.6 in February, but it’s a welcome improvement.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/ism-non-manufacturing-provides-some-comfort/
