Talk about mixed messages.
Just 48 hours after the Institute for Supply Management reported that manufacturing activity in September was much stronger than expected, ISM today released its September survey for the services sector only to contradict Monday’s encouraging news. “ISM’s Non-Manufacturing Business Activity Index in September dropped to 53.3 from August’s 65, indicating a slower rate of growth of activity in September,”the press release advised. Although 53.3 still indicates growth, the index fell last month to its lowest reading since April 2003.