Once a month the ISM report for both manufacturing and services is released by the Institute for Supply Management out of Washington. The U.S. is more service-oriented than manufacturing-focused therefore the emphasis is ISM Services which was released this morning. The number was 64.7 the highest reading in 37 years. The month before the number was 60.8 another very high number. Any number above 50 indicates expansion in the economy. ISM manufacturing stands at 61.3 so it too is a strong number.
The economy is clearly expanding and will continue to do so. There is no need for a new stimulus plan to jump-start the economy, it is already on the path to recovery. However, we do need investment in infrastructure, and it appears Washington may just pass another spending bill. The talk is around $2 trillion more dollars.
I wonder when anyone in Washington or Wall Street will start worrying about the massive debt being incurred.