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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.

Source

Non-Manufacturing ISM Report On Business – ISM website

About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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• Technical recovery won’t feel like a recovery to most 5 Jul 2009
• U.K. Services Contract 3 Jul 2008
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• More thoughts on the fake recovery 23 May 2009
• Economic recovery and the perverse math of GDP reporting 7 May 2009