Highlights
Veiling a big improvement in new orders, the ISM's non-manufacturing composite index tumbled backwards, down nearly 2 points to a sub-50 and sub-par 48.7. But new orders, one of four evenly weighted components in the composite, show a significant month-to-month increase, at 55.1 vs. October's even more positive 55.6. There could be little better news for the economy than a bulk of new orders being put in place. Improvement in jobs, however, is still the central focus and today's report is very downbeat with an index of 41.6 to show significant deterioration and combined with a similar reading in October point to a turn lower in trend. However, the trend looks to turn higher given the gain in new orders. Markets, which are dipping, are paying attention to the headline change in today's report, not new orders.

Market Consensus Before Announcement
The composite index from the ISM non-manufacturing survey was little changed and close to a flat reading in October, coming in at 50.6, down slightly from 50.9 the month before. Both numbers suggest barely positive growth for the non-manufacturing economy. We may see modest improvement in November as October's new orders index rose 1.4 points to 55.6.

2009 Release Schedule

Released On: 1/6 2/4 3/4 4/3 5/5 6/3 7/6 8/5 9/3 10/5 11/4 12/3 Released For: Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov