Thomson Financial News - While the ISM manufacturing survey seems to indicate sluggish growth, the services survey seems to indicate severe recession. This news is considerably bleaker than the employment readings which have softened. Job growth outside of manufacturing remains slightly positive even with the 17,000 total Non-Farm payroll loss reported for January. The last time we saw the ISM-Non-Manufacturing at these levels, non-farm jobs were falling by more than 200,000 workers/month.
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