US: Recession is coming but the ISM does not mark the start of it – Wells Fargo – by MSalordFX UnitedStates Banks Growth
lls Fargo forecast a recession is coming but they point out that this report does not market the start of it.“One unsettling takeaway from today's services ISM report is that the service economy is joining the manufacturing side of the economy in contraction. The headline services ISM came in at 49.6, down 6.9 points. Setting aside the pandemic-induced drop, that ties the biggest monthly decline since the financial crisis in November 2008.
“This is a pretty down-beat report on services activity to end 2022. We try not to put too much weight on any one-month release, but the rapid deterioration in key components isn't good news. In some ways this is the economic direction theInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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