FYI: Just like its counterpart that covers the Manufacturing sector, the ISM Services report for April declined this month and came in lower than expected. While economists were expecting the headline index to come in at a level of 58.0, the actual reading was notably weaker at 56.8. While both indices have declined, the magnitude of the drop in the Services sector hasn’t been quite as large.
On a combined basis and accounting for each sector’s share of the overall economy, our composite ISM for April came in at 56.9, which is pretty much in the range of levels we have seen over the last few months. The general takeaway from these reports is the same as we have seen in much of the recent economic data — upside momentum has slowed, but from levels that were very positive to begin with.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/ism-services-also-disappoints/
