ISM non-manufacturing came in at 43.7% which was better than analysts expected. Contraction was broad and 43.7 is still a very weak number, but expect to hear about this “green shoot” all day.
- “Business is still depressed and there is a lack of confidence.” (Professional, Scientific & Technical Services)
- “Overall there are faint signs of improving business conditions.” (Management of Companies & Support Services)
- “Continued retraction by our customer base, resulting in much lower revenue than anticipated.” (Information)
- “A slight seasonal uptick in demand, but far from where it needs to be. The tone is, however, a little more positive.” (Wholesale Trade)
- “Tight credit markets prevent additional new development projects due to funding.” (Accommodation & Food Services)
- “Although we are not yet ready to say that the business has completely turned, we are seeing some indications that the worst may be over.” (Real Estate, Rental & Leasing)
Mr. Roche is the Founder and Chief Investment Officer of Discipline Funds.Discipline Funds is a low fee financial advisory firm with a focus on helping people be more disciplined with their finances.
He is also the author of Pragmatic Capitalism: What Every Investor Needs to Understand About Money and Finance, Understanding the Modern Monetary System and Understanding Modern Portfolio Construction.