U.S. ISM non-manufacturing index falls in November

The U.S. ISM nonmanufacturing index moderated in December. The index fell from November’s 57.4 to 55.9 in December. The fall was against consensus expectations of a modest rise in December. The decline in the composite index was led by falls in business activity, which fell to 57.3, and in new orders that dropped to 54.3.

These falls were sufficient to counter the modest rebound in employment and supplier deliveries. The composite index remained strongly in expansionary territory at 55.9 and consistent with the six-month average of 57.1.

“We do not view this month’s decline in the headline index as reflecting pending weakness in services sector activity, but see the retracement as the end of the post-hurricane bounce observed in September and October”, noted Barclays in a research report.

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