ISM services index

ISM services
  • ISM services index rises to 64.0 from 62.7 last month. Estimate 63.2
  • activity/production 66.2 versus 62.7 last month
  • employment 55.3 from 58.8 last month
  • new orders 63.9 from 63.2 last month
  • prices paid 80.6 from 76.8 last month. Highest since September 2005
  • order backlog 61.1 versus 55.7 last month
  • export orders 60.0 versus 58.6 last month
  • import 50.4 versus 55.7 last month
  • supplier deliveries 70.4 versus 66.1 last month.

The services index is the highest on record (going back to 1997 ).

Port congestions continues to delay deliveries.

The numbers suggest the economy is ripping higher with supply and employment constraints.

US 10 year yield is up to 1.613%, up 2.55 basis points. The high yield reached 1.6164%.

As rates rise, gold moves lower. It is now down $38 or -1.99% at $1870.40. The low extended to $1865.06

The NASDAQ continues to lead to the downside but is off the session low. It is currently down 137 points or 1.0% at 13613. That is still off it's lows of 13548.93

US stocks