Services ISM survey falls indicating no recovery
The July 2009 Non-Manufacturing ISM Report On Business disappointed as it dropped to 46.4 from 47.0. Expectations had been for 48.0. The new orders and jobs components both fell, suggesting that the services sector is still contracting and not poised for an imminent rebound.
In fact, much of the data show the contraction in the services sector increasing last month, not decreasing. So while manufacturing is rebounding, the services sector is not. Is a technical recovery upon us? Not according to these numbers.
Non-Manufacturing ISM Report On Business – ISM website