At 51.3, the employment sub-index of the ISM Services data is at its lowest since May 2013 (ex February's "weather" impacted plunge). But hey - who cares about jobs, the headline improved to 8-month highs and beat expectations so sell JPY and buy stocks... new export orders (and new orders overall) rose to 8 months highs (but we don't need jobs for that?)... As an aside, Prices Paid surged to its highest since October 2012 as cost-push inflation appears to be looming.

But jobs re-tumbled losing its post-weather gains...

The full breakdown:

From ISM's Nieves:

 "The NMI® registered 53.1 percent in March, 1.5 percentage points higher than February's reading of 51.6 percent. The Non-Manufacturing Business Activity Index decreased to 53.4 percent, which is 1.2 percentage points lower than the reading of 54.6 percent reported in February, reflecting growth for the 56th consecutive month but at a slower rate. The New Orders Index registered 53.4 percent, 2.1 percentage points higher than the reading of 51.3 percent registered in February. The Employment Index increased 6.1 percentage points to 53.6 percent from the February reading of 47.5 percent and indicates substantial growth after one month of contraction. The Prices Index increased 4.6 percentage points from the February reading of 53.7 percent to 58.3 percent, indicating prices increased at a faster rate in March when compared to February. According to the NMI®, 13 non-manufacturing industries reported growth in March. Despite the affects of weather on many of the respective businesses, the majority of respondents indicate that business conditions are improving. The respondents also project better business activity and economic conditions as weather conditions continue to improve."

As always we conclude with the amusing, and cherrypicked, respondents who, like economists, moonlight as meterologists:

• "Outlook remains positive." (Information)
• "Cold weather played more havoc on revenue, causing steep declines for nearly a week, and then picked up well beyond expectations. Overall, per capita spending increases, but frequency of visits are down; net neutral to slightly positive." (Arts, Entertainment & Recreation)
• "Demand is rising; while at the same time there is pressure to reduce staffing expenses." (Finance & Insurance)
• "Healthcare reform continues to adversely impact hospital projected/actual revenue." (Health Care & Social Assistance)
• "Weather in Northeast — lost business days/business travel and site visits impacted. Energy costs rapidly increasing." (Professional, Scientific & Technical Services)
• "Business was a little slower than expected due to harsh weather conditions across much of the country, but we expect a rebound as spring approaches." (Retail Trade)
• "Economic environment continues to moderate slowly." (Management of Companies & Support Services)