00:00Looks like we have breaking economic data. Thank goodness we still have Michael McKee with us here on set.
00:06We're getting what ISM services because we got the manufacturing yesterday and it looks like we're missing the mark in terms of the headline number, Mike.
00:16Yeah, the headline number comes in at 50, which is right on the line between contraction and expansion.
00:23And it is lower than what was anticipated. We were looking for a 51.7.
00:33And so we dropped from 52 to 50 even prices paid goes up a little bit.
00:40It is a very small amount by it is 69.4 from 69.2, which is why it took me a second for that to register.
00:46New orders fall to 50.4 from 56. And the employment index is 47.2, which is up a little bit from 46.5 back in August.
00:58But really insignificant in terms of what it means overall.
01:01And that will be interesting to see if and when we do get the payrolls report, what happens with service industry jobs,
01:08because that's what Stephen Myron was talking about.
01:11Service industry inflation is the biggest part of the economy.
01:15So we'll see what we get out of that.
01:17Business activity does fall to 49.9 below 50 from 55.
01:22So things have slowed down and the outlook has slowed down for the service industries.
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