It’s not just the manufacturers that are in the dumps, its the service sector too, the engine of the US economy. The ISM non-manufacturing index fell to 44.2 in October, far lower than the 50 consensus forecast. The employment and new orders indexes slid as well. More fuel for the fire as a rip-roaring recession is fully anticipated (as is a rip-snorting stimulus package!). Stocks are taking the news in stride and EUR/JPY is on the rise, now at 128.30.