Courtesy of Mish.
On April 3, I noted a huge discrepancy between the ISM manufacturing report and Markit’s PMI manufacturing report.
Today, both companies gave their assessment of non-manufacturing also known as services.
The discrepancy remains. At least one of the companies is way off base in regards to GDP estimates.
The ISM Non-Manufacturing Report on Business notes business activity increased for the 92nd consecutive month.
Fourteen industries reported increased business activity and two industries reported decreased activity for the month of March. Employment expanded for 37 months.
The Business Activity Index is a robust 58.9 down from 63.6. New Export orders rose.
Following the manufacturing report, the ISM assessed first quarter GDP at a whopping 4.3%. The ISM did not update that forecast today.
Markit U.S. Services PMI
