For some strange reason the market fixates on the manufacturing ISM despite the fact that manufacturing accounts for a tiny slice of the US economy. Services account for a large majority of economic activity, so today’s non-manufacturing is by far the more important indicator of the economy’s health (or lack thereof…).
Economists expect the index to dip to 54.7 in October from 55.1 in September. A good number equates to risk “on”.
