ISM Non-Manufacturing Report for March: Expansion, But Not Really Strong
The 86% of the economy that isn’t manufacturing continues to expand, with an Institute for Supply Management reading of 52.4%, but the degree of its expansion was lower than “expected” — by a lot (54.7, according to this AP article).
This reading, combined with the tepid 1% increase in February factory orders, probably will persuade the Fed that it doesn’t need to raise rates. But I don’t think that the indicators are negative enough to justify a lowering.
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