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ISM for Services Surprises to the Upside – Real Time Insight
After a disappointing ISM for Manufacturing reading for May on Monday, there was much trepidation going into the release of the ISM for Services this morning. The Services index covers more than 90% of the economy so its a much more important gauge as to what is going on in the economy.
All the doomsday talk was for naught, however, as it came in better than expected at 53.7, up from 53.1 in April.
Some of the subindices were especially encouraging.
The highly watched New Orders index rose 1.5 points to 56. That was the highest in 3 months. Only February was better at 58.2. Business Activity also rose 1.5 points to 56.5. This was in line with what has been going on the last four months.
The Employment index, however, lagged. It fell to 50.1 from 52 in April. This was the only real negative in the report.
Is all the worry over the economy much ado about nothing?
To read this article on Zacks.com click here.
Zacks Investment Research
Source: http://www.zacks.com/stock/news/100872/is-the-economy-stronger-than-people-think
