ISM

April non-manufacturing ISM index 61.7 (-1.4 pts).
Key Factors
Index is volatile and independent of its components. Can cause confusion in interpretation.
Modest decline still leaves index in the 60s -- strong level with momentum.
New orders fell off to 58.8 -- weakest since June 2003. Demand provides the forward read on economy.
Employment fell off to 53.3 after reaching a record (8 yr) high -- 59.6 --in Feb. Non-mfg employment provides all the nonfarm payroll growth.