This is a low-tier indicator but that's a troubling drop

  • Business activity 21.4 vs 24.8 prior
  • New orders 14.5 vs 20.5
  • Employment 12.8 vs 16.6 prior
  • Wage index 32.6 vs 28.2 prior

The sub-indexes look okay and this isn't a data point with much of a track record so expect the market to ignore it.