I have to be honest, I thought we would start to see a stronger contribution from the services sector with the pandemic converting to an endemic. While one month’s data point is nothing to base a decision off of, the overall trend has been declining in the ISM Non Manufacturing PMI (Chart courtesy of Trading Economics).
In a post earlier this week, I commented on how the services sector could pick up some of the slack from the manufacturing sector to help keep the economy rolling. I’m not saying that’s not going to happen but I was hoping to see some daylight in this month’s reading. Naturally, we may see a pick up as the weather warms up and we transition into spring and summer. Let’s hope we do.