The latest ISM number was much lower than expected (59.9 vs an expected 64). This number is supposedly a 'foward looking' on what the economy will do in the future.
The last non-farm was below expectations.
Worse for the goopers, is that the independent (non-Cheney controlled) numbers are confirming what the average American sees everyday -- prices are rising sharply. The 'prices paid' component of the ISM was at another record high.
Be watchful for spins by the likes of Kudlow -- but stagflation is most likely hitting the American economy. And the FED has used up all its bullets.