Tag Archives: ism non-manufacturing

With the monthly Friday Payroll Ritual lurking tomorrow morning, and having been focused on PMI estimates before it, a quick look at the ISM’s Non-manufacturing PMI especially its employment index to bridge the latter to the former. The update today for the month of December put the headline estimate at 62.0, down from 69.1 the month prior. Omicron? While a rather sharp and unexpected 7-point drop, other than the size of the decline at 62.0 there’s little to suspect...

In early September, the Institute for Supply Management (ISM) released figures for its non-manufacturing PMI that calmed nervous markets. A few weeks before anyone would start talking about repo, repo operations, and not-QE asset purchases, recession and slowdown fears were already prevalent. It hadn’t been a very good summer to that end, the promised second half rebound failing to materialize being more and more replaced by central banker backpedaling here as well...