More bad news as Markets Fall Sharply on Weak Business Survey as noted by the New York Times today. I read Paul Krugman’s columns and blog posts in the New York Times and looked to see what he had to say about the Services Plunge today - and he had something to say right away - Services take a plunge. Seems to me we’re certainly in a recession by now, perhaps more than a recession - maybe a depression, for some - but it’s too early to say.
Here’s what Krugman had to say about Services taking a plunge today:
The ISM survey of services has plunged.
A bit of history: back in 2003 a surge in this index signaled the beginning of the “Bush boom”, which was never that much of a boom but at least marked the end of the alleged-recovery-that-felt-like-a-recession that had prevailed since late 2001. Now it has fallen off a cliff.
Uh-oh
Update: Here’s the employment component since 1997.
