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May 05, 2004

And Now the ISM Service Index Rises to Record Level



The index is at the its highest level since its inception in 1997:

The US service sector is expanding at its fastest pace in seven years according to a survey published on Wednesday by the Institute for Supply Managment.

The ISM index climbed 2.6 points to 68.4 - a much steeper rise than forecast by economists and well above the 50 level separating expansion from contraction. The reading was the highest since the index was started in 1997.

...

The strength shown by the survey was broad-based with 16 out of the 17 sectors questioned reporting growing activity. Comments from the report included "very strong", "exceeding budget" and "hiring freeze lifted."

The strength of the employment component of the report - which hit a fresh high for the cycle of 54.5 - was particularly encouraging....


So, let's just get this straight:

Manufacturing is at a record level.

The service sector is at a record level.

Construction has been at or near record levels for two years running.

Government planners expected a drop in tax revenue, due to Bush's tax cuts, but got more revenue than last year, due apparently to more people working for more money. This will shave this year's deficit by over $100 billion.

"The worst economy since Hoover."

Okay.

Update: Our highly-placed, ultrasecret government source "Deep Stoat" leaks this double-secret chart to us:



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posted by Ace at 06:33 PM

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