Highlights
Rates of decline in the non-manufacturing sector slowed in December, suggesting perhaps that the economy may be emerging from the deepest part of its decline. The ISM's non-manufacturing composite index rose more than 3 points in December, a nice gain but the 40.6 level still indicates that many more purchasers are reporting contracting conditions than expanding conditions.

A plus in the report is a 3-1/2 point bounce in employment to 34.7, again a level indicating contraction but at a slower pace than November. Prices paid is another important index, little changed at 36.0 to indicate that firms do not have pricing power for their products.

These results, if confirmed by following data of course, indicate that November was the worst month of the recession. Today's results, though weak, may give a lift to the stock market and the dollar through the session.

Market Consensus Before Announcement
The composite index from the ISM non-manufacturing survey fell more than 7 points in November to 37.3 with new orders, perhaps the most important index of all, falling more than 8 points to 35.4. The composite index is at its lowest level since the series began in 1997. Prices paid dropped nearly 15 points to 36.6.

Composite index Consensus Forecast for December 08: 37.0
Range: 34.5 to 42.0

2009 Release Schedule

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