Yields Drop Again as Data Weakens

The Institute for Supply Management’s (ISM) non-manufacturing index fell from 56.4 to a three-year low of 52.6 in September. This unexpected plunge in the U.S. service sector outlook challenges the widely-held notion that services were reasonably well-insulated from the effects of trade. Although still above 50 (the dividing line between expansion and contraction), the magnitude of the drop this year has been eye-opening.

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