00:00Well we have a slight drop in the ISM services PMI headline number 54 from 54.5. The expectation was
00:09that we would see a 54. So this is not going to move markets much but it does suggest there's
00:15a little bit of a slowdown there. Now the second most important number in this report for the Fed and
00:20people on Wall Street is prices paid and we do have a drop there to 62.7 from 71.3.
00:27So a little bit of easing of price pressure
00:29and service price pressures have been one of the issues in the CPI and the PCE so it's still not
00:36come down a lot but a little bit might help. Production right now 55.4 from 54.7 that's a
00:43slowdown and new orders are also a slowdown. 55.1 from 57.3 and then employment 51.2 from 47
00:51.9 which is interesting because of course last week we didn't see a lot of job gains but there are
00:57some improvements there.
00:58So the numbers overall a little bit better than had been expected or they are on the expectation side and
01:07the good news is inflation to the extent it does drop a little bit.
01:11Anything that we can take from the employment numbers I know this is just one reading Michael and we've had
01:16you know but we did get a weaker employment you know portion of the data last week and we have
01:22to start thinking about it now.
01:22Well you can't take a whole lot from these numbers because the ISMs basically compare one month to the previous
01:28month and so we did see a bit of a decline in terms of the total number of jobs but
01:35it's hard to with those few number of jobs it's hard to say it's scientifically valid.
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