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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Crimson Ghost who wrote (4494)	1/6/2004 2:52:22 PM
From: mishedlo	Respond to of 110194

ISM Services Brian Reynolds Minyanville Below expectations The ISM services index came in at 58.6, down from the prior month's 60.1 and below the Bloomberg consensus of 61.0. This is the second monthly disappointment for the services index. This index surged from a low of 47.9 in March to the 65 area by July, where it stayed until it fell 4.5 points last month. Orders rose slightly from 60.1 to 61.2. Prices paid rose from 58.0 to 60.0. Employment fell slightly from 54.9 to 54.0. So, it looks like the services side of the economy is less hot than the manufacturing side. Given that the service sector is much larger than the manufacturing sector, this should moderate investors' fears of a rapid Fed tightening that had begun to grow with the release of the ISM manufacturing survey. This news was greeted warmly by bond traders: the 10-year Treasury was up a quarter-point on the day in front of the number and added an eighth on the release.