ISM Services Index Slips To 55.2, But Barely Beats Expectations

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The January reading of the ISM non-manufacturing (services) index fell to 55.2 in January.

But this was a tad higher than the 55.0 expected by economists.

Any number above 50 signals expansion.

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“We expect today’s non-manufacturing ISM index to add to the evidence that the weakness in Q4 GDP last week was grossly exaggerated,” wrote High Frequency Economics Jim O’Sullivan.  He see the index coming in at 55.7.

SocGen’s Brian Jones sees the number heading higher.

“So far, surveys conducted by Dallas and Richmond districts suggest that service-sector activity accelerated during the first month of 2013, propelling the ISM composite index to a two year high of 57.5,” wrote Jones in a note to clients this morning.

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