Monday, May 20, 2013
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ISM Nonmanufacturing Slowed in November
The service industry weakened in November as measured by the ISM nonmanufacturing index, which fell from 52.9 to 52.0. This marks the third consecutive monthly decline, leaving the index below its third quarter average of 53.0. Despite the negative headline number, the details are not quite as negative. Furthermore, the number does not line up with other recent data on the services industry.
In November business activity picked up substantially, rising to 56.2 from 53.8. New orders rose as well, to 53.0 from 52.4.
The employment aspect of the index accounted for the biggest loss, falling from an expansionary 53.3 to a contracting 48.9, indicating jobs were lost in November. This is discouraging, however other data suggests employment gains in the service sector. Supplier deliveries fell 2 points to 50.0, the breakeven point between expansion and contraction.
There was an improvement in trade details as well with exports growing to 55.5, and imports growing mildly to 48.5. Inventories recovered in November as well, rising from 45.5 to 52.5.
Read the report.
ISM Nonmanufacturing Slowed in November
In November business activity picked up substantially, rising to 56.2 from 53.8. New orders rose as well, to 53.0 from 52.4.
The employment aspect of the index accounted for the biggest loss, falling from an expansionary 53.3 to a contracting 48.9, indicating jobs were lost in November. This is discouraging, however other data suggests employment gains in the service sector. Supplier deliveries fell 2 points to 50.0, the breakeven point between expansion and contraction.
There was an improvement in trade details as well with exports growing to 55.5, and imports growing mildly to 48.5. Inventories recovered in November as well, rising from 45.5 to 52.5.
Read the report.