Breaking down Manuf & Services ISM
Six days after the manufacturing ISM index dived back into contraction territory along with its employment and new orders components, today’s release of the services version does its part of deterioration, hitting 5 1/2 year lows at 51.4 from 55.5. All 4 major components declined, led by a plunge in new orders to 51.4 from 60.3. Probabilities of a Sept Fed hike dropped to 24% from 34% prior to the data. The chats below tell the full story of the services and manufacturing ISMs.