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The ISM service sector activity index fell about 4 points in October (top chart), but the more widely watched non-manufacturing composite index dipped only fractionally, from 53 to 52.9. Both continue to point to moderate growth. More encouraging, however, was the employment index, which jumped from 48.7 to 53.3. On balance, I'd say there's not a whole lot of news here, except that this is one more of a growing list of key indicators that point to continuing growth and no sign of another recession.
2 comments:
OT, but a couple of right-wingers--including a writer for the National Review (he probably wears jodhpurs and jackboots) have endorsed nominal GDP targeting.
It is heartening to see the right-wing grow beyond the old shibboleths. Yes, yes, tight money and defense, but times change.
Economic growth and freedom and innovation is even more important than suffocating ourselves into deflation in an ascetic burst of monetary moral purity.
Right-wingers (or left-wingers) please read this piece:
http://www.tnr.com/article/economy/97013/obama-federal-reserve-inflation-loose-money
What a disappointment to look to see if there is an insightful comment on one of Scott's posts and then see that it is another of the endless drivels.
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