This is a low-tier indicator but that’s a troubling drop
– Business activity 21.4 vs 24.8 prior
– New orders 14.5 vs 20.5
– Employment 12.8 vs 16.6 prior
– Wage index 32.6 vs 28.2 prior
The sub-indexes look okay and this isn’t a data point with much of a track record so expect the market to ignore it.
