Employment 49.7 vs 53.0 last.
Another weaker number.
The US ISM Non manufacturing came out weaker than expected at 52.9 vs 55.3 estimate.
- Employment came in at 49.7 vs 53 last
- Price paid came in at 55.6 vs 53.4
- New orders 54.2 vs 59.9
- backlog of orders 50.0 vs. 51.5
- new export orders 49.0 vs. 56.5
- imports 53.5 vs. 54.0
7 of 10 components were lower. One was unchanged (Inventory), Two were higher (Prices paid and Supplier deliveries)
The composite reading is the weakest since Feb 2014.
On top of the employment report, this is not a great day for the US economic data. The Fed will have a tough time talking about this one.
The S&P is down 14 points
The Nasdaq is down 46 points
The Dow is down 125 points
Bond yields in the US are down sharply today - especially in the short end with the 2 year down about 11 basis points to 0.7795%
