What Recovery?
Posted by Eric Skates on
Don’t want to overdo this too much, but sub 50 ISM not a great sign for the economy, actually was weakest since 2009. First time below 50 since 2012. Interestingly the employment component was the lone bright spot. In past months we’ve seen the ISM over 50, yet the employment comp under. Does this foreshadow a mysteriously strong ADP/NFP? Yields hitting post October NFP lows, so we’ll be bumping along here until ADP at 8:15 tomorrow. Lower for longer still seems to be firmly intact. This has been a common theme for our chats over the last 2.5 years. The idea that the economy is humming appears to me to be a mystery to me, yet a forgone conclusion for the Fed and the usual suspects on #CNBC.
Ponderous.
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