ISM Non-Manufacturing Orders Fall To 4 1/2 Year Low

While the headline ISM non-manufacturing number came just slightly below consensus (53 vs 54.8), the major news out of this report was new orders contracting for the first time since July 2009. In a mere four months, new orders have fallen from 60.5 to 49.4. The approximate GDP-weighted manufacturing and non-manufacturing survey indicates about 2% year-over-year growth in GDP in the fourth quarter.