Chillin' out till it needs to be funded
The ISM Services consensus was somehow muted at 53.6 and the numbers that came out hinted at a reading of the previous data again and again. The employment data is consistently positive across the half a dozen reports since the last week, jumping to 57.8 up 6 points in the Services sub index. New Orders too, we told you on Chicago PMI day, and was confirmed in the ISM composite index, giving the Services index a 56.8 score
The surprise in the making means that while manufacturing and inventory concerns are still there, that is not going to railroad the US recovery with Services incl Transportation and Warehousing, Financial Services, Utilities, and Social services among others and the lack of a backlog the only bottleneck stopping the sector since last August, which has apparently been resolved to keep cash flows thick and enough ice cream to go around the neighbourhood. the jobs jump from services may come at the lower end though with retail clerks and courier/messenger services leading the numbers.
The revised ISM Non Mfg index for December is 53.0 and January up to 56.8