Archived IMT (2008.12.03)

Just when risk appetite encountered a fresh blow following the bigger than expected 250K decline in the ADP survey for private payrolls, the services ISM dipped to a record low of 37.3 last month from Octobers 44.4. While market pundits have cited the worst than expected ADP as an ominous sign for Fridays job report, the 10-point plunge in the employment subcomponent of the services ISM to 31.3 from 41.5 reflects the accelerating erosion in services jobs. Wire services are already sending out new surveys requesting ... Rest of Available to Subscribers.