U.S. ISM non-manufacturing index drops in November, healthy services sector activity likely in months ahead

U.S. ISM non-manufacturing index dropped in November. The index fell to 57.4 after recording a multi-year high of 60.1 in October. The decline was driven by a fall in new orders, which dropped 4.1 points and employment fell 2.2 points.

The new export orders sub-index also dropped three points, implying some deceleration in external demand. Business activity dropped 0.8 points. A moderation in the index in November was expected after the unexpected rise in the previous month. But, even at these levels, the overall index and its sub-components continue to be comfortably in expansion-territory and continue to indicate towards healthy services sector activity in the months ahead, said Barclays in a research report.

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