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| May Employment and ISM Service-Sector Data (#1) - Jun. 3, 2005 |
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Summary
Earlier today, the Labor Department reported that the unemployment rate unexpectedly fell to 5.1% in May, although growth in payroll employment came in far short of consensus expectations. Elsewhere, the Institute for Supply Management reported a weaker-than-expected result for its index measuring the economy's service-sector activity during May.
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Over the weekend, I'll publish a more detailed analysis of today's employment and ISM numbers. Both reports were weaker than respective consensus forecasts had been looking for. In conjunction with ISM's disappointing report on manufacturing activity that was released earlier this week, perhaps the economy's "soft spot" that Wall Street bulls have been heralding as being over isn't!
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