So far, the businesses in the services sector have been growing at a decent pace and withstanding the headwinds that have hit manufacturing.
A report on the services sector's health Thursday could be the next driver for markets, after a disappointing manufacturing report Tuesday sent stocks reeling.
Economists expect services remains strong but at a slightly slower pace than last month. The next reading to gauge the progress of that sector is Thursday's 10 a.m. ET release of the ISM nonmanufacturing index. According to Dow Jones, the consensus forecast is 55.3, a number that shows a healthy rate of expansion though that would be down from August's 56.4.dropped to a surprising 47.8 for September, the second month of contraction, and a decade low.
Both reports are being watched closely after Tuesday's shockingly weak ISM manufacturing report set off new fears a manufacturing recession could spill into the broader economy. That sent stocks reeling and bond yields lower. The"So far at least, the ISM services sector seems to be holding up pretty well, which is really important. It's basically 85% of the U.S. economy," said Ward McCarthy, chief financial economist at Jefferies.
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