The ISM non-manufacturing index fell off a cliff with the composite falling to the lowest levels since its inception in 2004. The non-manufacturing business activity index also declined. It was the biggest monthly decline recorded. The index is almost at all time lows with levels last seen during the recession of 2001. This was a surpise. The equity markets sold off hard but bonds weer only slightly higher. The bond markets seem to be more focused on inflation at this time.
No comments:
Post a Comment