FYI: Earlier this week, we noted that despite the slightly weaker than expected reading in the ISM Manufacturing report the commentary within the report was extremely strong. Today, we got the latest read from ISM regarding the non-manufacturing sector and here, not only was the report much weaker than expected, but the commentary was a stark contrast to what we saw from respondents in the manufacturing sector. As shown below, most respondents noted a slowdown, quiet time, flattening growth, and a slower than expected second quarter. One caveat here is that many of the respondents also noted that the slower activity was expected and typical for this time of year, but the tone was decidedly different from what we saw in the manufacturing sector just two days earlier.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/big-disparity-between-ism-non-manufacturing-and-manufacturing-reports/
