Today marks the 737th turnaround Tuesday since 1990. Stocks are bouncing nicely, getting an extra boost from the ISM Service numbers, which came in much better-than-expected. It’s a reminder that the underlying economy remains resilient.
By the same token, we are also reminded of pricing pressure and the workers’ strike continues to slow full recovery.
- Headline 61.0 +0.2pp
- Business activity 62.3 +2.0pp
- New Orders 63.5 +0.3pp
- Employment 53.0 -0.7pp
- Prices 77.5 +2.1pp
In fact, among those items mentioned in short supply includes truck drivers.