U.S. November ISM Services - Slips back after two strong months
Contrasting continued strength in the S and P Services PMI (even with a revision to 56.1 from 57.0) November’s ISM Services index has slipped significanrtly after two strong months, to 52.1 from 56.0.
All four components of the composite slipped. New orders and business activity both fell to 53.7, from 57.4 and 57.2 respectively in October, while employment is a little less firm at 51.5 from 53.0, though October’s stronger data still suggests that October’s non-farm payroll was weak only due to weather and a strike at Boeing.
The fourth component of the composite, delivery times, saw significant slippage to a more normal 49.5 from a 56.4 October reading that may have been inflated by temporary factors.
Prices paid do not contribute to the composite, and are keeping to a tight range, at 58.2 versus 58.1 in October.
