April 2013 service sector growth and factory orders miss expectations, but it's best to ignore all data that don't comply with narrative says Mr. LaVorgna

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5/3/13, "Service sector growth slowest in nine months in April: ISM," Reuters
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"The pace of growth in the vast services sector slowed in April to its weakest pace in nine months, an industry report showed on Friday. The Institute for Supply Management said its services index fell to 53.1 last month from 54.4 in March, short of economists' forecasts for 54. It was the lowest level since July."...

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5/3/13, "Non-Manufacturing ISM, Factory Orders Both Miss Expectations, Drop To 2012 Levels," Zero Hedge

"Following the better than expected jobs report, driven by...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. Elsewhere, factory orders dropped 4%, down from a downward revised 1.9% (was +3%), and below expectations of -2.9%, with March durable goods revised even lower from -5.7% to -5.8%. This was the biggest Factory Goods drop since August 2012. Of course, as Joe LaVorgna just said on a TV, it is best to just "ignore" all data that is missing expectations, or not complying with the narrative.

ISM Breakdown:"...

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