US: ISM Non-Manufacturing Disappoints

While this week’s ISM Manufacturing report spurred renewed confidence in a coming recovery, albeit slow, today’s Non-Manufacturing report failed to confirm such hopes. Employment and orders worsened in July. Weaker Headline in July The headline non-manufacturing index worsened to 46.4, the first decrease since March. While we continue to expect recovery in the second half, we must emphasize its sluggish nature. This step back shows smooth seas remain distant. Improved employment in the