A lot of economic data were released Monday morning, and none of them came better than expected. While there were no major disasters, the emerging narrative of anxiety could slow economic progress. The ISM Manufacturing report continues to point to expansion, but at a slower pace, as key components have backed off in the last two months.
| ISM | April | Change |
| PMI | 54.8 | -2.4 |
| Employment | 52.0 | -6.9 |
| New Orders | 57.5 | -7.0 |
Softening Hard DataConstruction spending in March declined 0.2% month-to-month versus expectations of 0.5% increase. The main culprit was the sharp decrease in non-residential commercial construction. The good news came from residential construction and overall revision of February, showing an increase of 1.8% from 0.8% gain reported.
| Construction | M/M | Y/Y |
| Overall | -0.2% | +3.6% |
| Residential | +1.2% | +7.3% |
| Non-Residential | -1.2% | +1.0% |
Rest of Session & Week
The super-hot growth stocks continue to surge, but there is a greater sense that the rest of the market needs a spark. Keep in mind, this earnings season is rocking and guidance has largely been positive if not guarded (It’s always going to be guarded with market at record highs and big questions over near term policies).
