ISM Services July
Headline reads, business conditions aren't as weak as widely reported.
Under the sheets, service sector in contraction last 2 months.
ISM Services Jul 49.5 vs 48.2 Full Report
Inside the number: growing: prices 80.8 vs 84.5; contracting: employment 47.1 vs 43.8; new orders 47.9 vs 48.6; new export orders 47.5 vs 52; imports 49 vs 50.5.
Anthony Nieves, chairman of the ISM survey: "The report overall, especially with forward-looking orders, doesn't bode well."
"Our business remains at about the same level as the previous month, with continued focus on cost reduction." (Finance & Insurance)
"The general state of the home-building industry has not changed since last month; however, with the commodity and code changes going into 2009, we face much higher construction costs and reduced margins across the entire supply chain." (Construction)
"Continue to see slowdown in local economy." (Health Care & Social Assistance)
"While still positive, the overall outlook for 2008 for our company is not as high as earlier in the year." (Wholesale Trade)
"Governmental spending for services is up this period." (Professional, Scientific & Technical Services)
Under the sheets, service sector in contraction last 2 months.
ISM Services Jul 49.5 vs 48.2 Full Report
Inside the number: growing: prices 80.8 vs 84.5; contracting: employment 47.1 vs 43.8; new orders 47.9 vs 48.6; new export orders 47.5 vs 52; imports 49 vs 50.5.
Anthony Nieves, chairman of the ISM survey: "The report overall, especially with forward-looking orders, doesn't bode well."
"Our business remains at about the same level as the previous month, with continued focus on cost reduction." (Finance & Insurance)
"The general state of the home-building industry has not changed since last month; however, with the commodity and code changes going into 2009, we face much higher construction costs and reduced margins across the entire supply chain." (Construction)
"Continue to see slowdown in local economy." (Health Care & Social Assistance)
"While still positive, the overall outlook for 2008 for our company is not as high as earlier in the year." (Wholesale Trade)
"Governmental spending for services is up this period." (Professional, Scientific & Technical Services)
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