US composite ISM points to stable growth for US employment in April
ISM Employment index is in line with a stable growth in private NFP.
The signal is the similar to the one given yesterday by the ADP report for April 2011. To sum up, odds are at best for a stable growth for private NFP (around +200k on a monthly basis). This level is strong enough to bring down the unemployment rate in the US and to provide a significant support to income growth. But it also underlines that the US economy continues to grow slowly.
* calculation: weighted sum of Manufacturing ISM and non-Manufacturing ISM employment indexes using value added share of total GDP.