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Weekly Economic Digest From the Joint Economic Committee

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Weekly Economic Digest From the Joint Economic Committee Newsletter, Signals of a Sharp Economic Downturn, February 12, 2008.

  • “Signals of a sharp economic slowdown have recently appeared in two economic indicators. Last week financial markets had a strong negative response to an economic report that usually does not frighten people. On Tuesday, the Institute for Supply Management (ISM) released the January value of its non-manufacturing index (NMI), an index of economic activity based on questions such as whether output and employment were higher or lower than in the preceding month in various non-manufacturing sectors. The value of the NMI fell below 50, which indicates a contraction in the non-manufacturing sector. What caught
    the attention of the markets was the size of the downward move and a noticeable change in pattern.”
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