ISM Services & ADP Employment
Summary: ISM services offers little solace with prices soaring and employment contracting.
ADP employment with an unexpected increase, however the emasculation continues with an 18th straight decline in goods producing jobs.
ISM Services May 51.7 vs 52.0 Full Report
Inside the number: A mixed bag with business activity growing 53.6 vs 50.9; new orders growing 53.6 vs 50.1;
however... employment contracting 48.7 vs 50.8; prices soaring 77 vs 72.1; inventories growing 54 vs 47.
"Business activity for the last month has increased slightly over the previous month." (Professional, Scientific & Technical Services)
"High energy prices hurting the cost and sell side of our business." (Agriculture, Forestry, Fishing & Hunting)
"Economic and market conditions continue to weigh down financial services industry in general. Spending and employment growth are on hold until overall market conditions show improvement." (Finance & Insurance)
"The economy continues to be pressured by high fuel costs and food costs in general. The consumer seems to approach spending with trepidation given all the uncertainty in the markets." (Accommodation & Food Services)
"Business is picking up." (Retail Trade)
ADP Employment May +40K vs +13K Full Report
Inside the number: Service +77K; goods producing -37K, the 18th consecutive decline; manufacturing -26K, the 21st consecutive decline;
Construction -18K, the 18th consecutive decline; total decline since Aug 06 peak -298K; Business Size: Large >500 -18K; medium <500> -3K; small <50 +61K
ADP employment with an unexpected increase, however the emasculation continues with an 18th straight decline in goods producing jobs.
ISM Services May 51.7 vs 52.0 Full Report
Inside the number: A mixed bag with business activity growing 53.6 vs 50.9; new orders growing 53.6 vs 50.1;
however... employment contracting 48.7 vs 50.8; prices soaring 77 vs 72.1; inventories growing 54 vs 47.
"Business activity for the last month has increased slightly over the previous month." (Professional, Scientific & Technical Services)
"High energy prices hurting the cost and sell side of our business." (Agriculture, Forestry, Fishing & Hunting)
"Economic and market conditions continue to weigh down financial services industry in general. Spending and employment growth are on hold until overall market conditions show improvement." (Finance & Insurance)
"The economy continues to be pressured by high fuel costs and food costs in general. The consumer seems to approach spending with trepidation given all the uncertainty in the markets." (Accommodation & Food Services)
"Business is picking up." (Retail Trade)
ADP Employment May +40K vs +13K Full Report
Inside the number: Service +77K; goods producing -37K, the 18th consecutive decline; manufacturing -26K, the 21st consecutive decline;
Construction -18K, the 18th consecutive decline; total decline since Aug 06 peak -298K; Business Size: Large >500 -18K; medium <500> -3K; small <50 +61K
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