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Decline. Biggest drop since 2009. A real freeze that has hit the manufacturing economy. Thats right. The lowest ism reading this is a kind of this 340 versus last month survey sometimes market moves are inscrutable. Yesterday, markets were up clearly just challenged this idea that the u. S. Economy was resilient enough we are constandly talking about increasing recession fears. Suddenly this data point comes along. The consumer, in 2019, are we dependent on manufacturing to the extent we used to be no. Not even close it is a great swing factor it doesnt go down that much but it also accelerates that much. You take a look at treasury yields yesterday as soon as this number hit 0 years at 2. 089 . We were above 1. 7 on the 10year yesterday. That shows you the market is saying, okay, the fed is likely to give another cut in october not a sure thing probability right now. The october adp report will be released at 8 15 eastern. Reportedly added 120,000 private sector jobs last month johnso

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