Courtesy of Mish.
The June 2013 Non-Manufacturing ISM Report On Business® shows a slowing in NMI™ to 52.2%, well below the Bloomberg NMI consensus figure of 54.5%.
ISM at a Glance
ISM Discussion
New orders plunged 5.2 percentage points to 50.8%, barely above contraction. The Business Activity Index registered 51.7 percent, 4.8 percentage points lower than the 56.5 percent reported in May. Yet, the employment index surged to 54.7% from 50.1%.
I expect this divergence to resolve to the downside.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
