ISM Services Strong in December

Strong ISM results, but interesting in that it doesn't point to a follow through on this morning's great ADP services employment jump. ISM detailed:

• "Overall business climate remains reasonably positive." (Management of Companies & Support Services)
• "Pricing pressures are starting to heat up." (Construction)
• "Outlook for 2011 is positive with an increase in spending." (Finance & Insurance)
• "Looks like more budget reductions are coming in the next year." (Educational Services)
• "Cotton prices are moving upward, but prices are being kept in line as the overall Asian market cools somewhat."(Retail Trade)
• "Business picking up for holiday — above expectations." (Transportation & Warehousing)
  

Source: ISM