Italy industrial orders down 1.9% in April

And now for the glass half empty part. Following the better than expected jobs report, driven by women job additions and low-paying jobs, we got the non-manufacturing ISM and Factory Orders both of which missed expectations. The ISM dropped from 54.4 to 53.1, below expectations of 54.0, and the lowest since July 2012, with the employment number dropping from 53.3 to 52. Since this number focuses on services, one has trouble footing this with what the BLS said was a jump in jobs in Services sector but one can't have anything.

Another unpleasant print of NCB Manufacturing PMI for Ireland was out today, marking broad-based, deepening contraction for the second month in a row and for the third month in last four.Here are top figures:

China manufacturing is reported to be in contraction and expansion simultaneously. The Chinese government reports expansion. The HBSC PMI says China is in contraction for the 6th consecutive month. Obviously this is impossible, so the question is "who to believe?" China Manufacturing Expands at Faster Pace Bloomberg reports China’s Stocks Rise Most in Two Weeks on Manufacturing, Fee Cut

Here is a note I received by email from Barclays Capital regarding Italian GDP and Industrial Production ...Italy: September IP declined 4.8% m/m (BarCap: -4.0%, consensus: -3.0%)Italian IP declined 4.8% m/m in September, weaker than our below-consensus expectation of -4.0% m/m (market: -3.0% m/m), from an increase of 3.9% m/m in August, downwardly revised from 4.3% m/m previously.

NEW YORK (Reuters) - Applications for U.S.

The Markit/JMMA Japan Manufacturing PMI™ shows Downturn of manufacturing sector accelerated during December. Key points: Output and new orders register sharpest contractions for 20 months Employment, purchasing and stocks all continue to be cut Output charges lowered further as input prices remain unchanged