The ISM report surprised mildly on the upside this morning, with a reading of 55.7 that remains well above the break-even point:
Export orders continue their gradual recovery from a slip earlier this year and last year's swoon:
Sam Ro at Business Insider worries about a slip in the employment component:
Bottom line: a generally solid report consistent with expectations that the Federal Reserve will begin tapering asset purchases this month. It is probably time for me to change my charts to indicate timing of first rate hikes in past tightening cycles.