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Is The US Services Slowdown Real?
The marquee gauge of US services sector activity was kinda "blah" in data released Wednesday, seemingly confirming a decidedly lackluster signal from the preliminary read on a separate index two weeks back.
The ISM services headline was 52.8, short of the 54 consensus. 51.3 on the new orders gauge was a seven-month low and represented a three-point decline versus December's readout. Between that and a 3.5ppt drop on the business activity gauge, you could certainly argue the release was soft.
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Having a mad king and a bunch of crazy henchmen will not help confidence. Plus we are kind of due for a slowdown after a post covid surge. The numbers are suggesting a slow decay in the economy’s orbit.
Business likes it ‘steady as she goes’. How do you invest for the long term when the ship’s captain changes the destination daily, or three times a day, and using his stable genius mind decides rudders are for suckers and losers.