ISM Services Index Declined

From the Institute for Supply Management (ISM) report ;

"The NMI (Non-Manufacturing Index) registered 44.4 percent in October, 5.8 percentage points lower than the 50.2 percent registered in September, indicating contraction in the non-manufacturing sector after two consecutive months of growth."

"Uncertainty is having the usual effect on business. Our response is traditional — stop all discretionary spending."

"Business down significantly! Discretionary spending disappearing."

As you see, consumers and businesses react to uncertainity. If business can't adjust to changes in economic conditions, it would keep going down.