The purpose of this blog is to retain an electronic diary/archive of key market moving news and events. The morning note includes my personal views on the financial markets and fundamental research pulled from newswires, Bloomberg, First Call, and other market intelligent websites and blogs. The note helps me prepare for the trading day and helps my PM position the porfolio for upcoming events and catalysts.
Wednesday, November 5, 2008
ISM Non-Manufacturing Data
The ISM service sector data came in weaker than expected at 44.4 versus street consensus of 47.0. The headlines were not as bad as some had feared given some market participants were expecting a 3 handle. But, perhaps more worrisome, is the weak Employment component of the composite index. Employment registered 41.5 down from 44.2 in September. This is a notable month over month erosion in the employment component of the ISM and could weigh on sentiment ahead of the Friday payroll data. The street consensus for Friday payrolls is a loss of 200,000 jobs.
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