We are officially in the final quarter of the year and awaiting earnings announcements for the third quarter.
So before getting into the whys and wherefores of what companies did in the last quarter, as we will be doing in a few days from now, it’s important to bear in mind that things haven’t been as bad as feared. That’s not just in tech, which benefited from the whole disruption, but also in many other areas.
It was already indicated in the recently-released non-farm payroll numbers from the Bureau of Labor Statistics (BLS) that the biggest job gains in September occurred in leisure and hospitality (318K), retail trade (142K), health care and social assistance (108K), and in professional and business services (89K).
Yesterday’s ISM report for Services appeared to support those estimates. Accordingly, the ISM non-manufacturing activity index rose to 57.8 last month, up from 56.9 in August and just