June's (US) service sector ISM was sharply lower, echoing the slide in June's ISM manufacturing index. Even after extreme adjustment, the slide in the data is obvious.
Payback ... or something worse? Each additional negative data release makes it more likely it's a more serious slowdown. If so, what's left in the armoury to save the day? Bernanke's "helicopter" is struggling.
[Click on charts to enlarge]