Record: speaking of economic indicators -- ISM service index soars. Link here, but the story is everywhere. The CNBC senior analyst apparently has not gotten the memo. From the link:
The Institute for Supply Management’s survey of non-manufacturing firms climbed to a postrecession high of 61.6 in September from 58.5. It’s also one of the highest levels ever in an index whose roots stretch back to the late 1990s.Interestingly, MarketWatch was actually pretty muted on this. But look at the WSJ:
Ramped up purchases in the services sector and spending by local governments at the end of their fiscal year pushed services-sector activity to the highest level on record.
The reason I am re-posting this is because of this graph. Before going further, look at this earlier post.The Institute for Supply Management on Wednesday said its nonmanufacturing index rose to 61.6 in September, the highest reading on record going back to 2008. A reading above 50 indicates activity is expanding across service and other industries, while a number below 50 signals contraction.
Look at this graphic:
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