Courtesy of Mish.
The soft data divergence between the ISM Non-Manufacturing Report on Business and the Markit Services PMI widened again today. Let’s take a look at each report.
ISM Non-Manufacturing vs ISM Manufacturing
Non-manufacturing production, new orders, prices, and inventories are all ups strongly. Employment was the laggard.
“The past relationship between the NMI® and the overall economy indicates that the NMI® for April (57.5 percent) corresponds to a 3.3 percent increase in real gross domestic product (GDP) on an annualized basis.”
That quote is from the same folks who predicted 4.3% GDP growth in the first quarter.
Markit Services PMI
Markit: “Business Activity Subdued”




