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]
Disclaimer. After nearly 40 years managing money for some of the largest life offices and investment managers in the world, I think I have something to offer. But I can't by law give you advice, and I do make mistakes. Remember: the unexpected sometimes happens. Oddly enough, the expected does too, but all too often it takes longer than you thought it would, or on the other hand happens more quickly than you expected. The Goddess of Markets punishes (eventually) greed, folly, laziness and arrogance. No matter how many years you've served Her. Take care. Be humble. And don't blame me.
BTW, clicking on most charts will produce the original-sized, i.e., bigger version.