ISM services PMI declines in November
By Iain Gilbert
Date: Wednesday 04 Dec 2024
(Sharecast News) - The Institute for Supply Management's November services PMI declined to 52.1 in November, down from 56 in October and well and truly short of expectations for a reading of 55.5.
Last month's reading pointed to the slowest growth in the services sector in three months, driven by falling business activity, new orders, employment and supplier deliveries. Inventories and order backlog also declined, while price pressures increased slightly.
The ISM's Steve Miller said: "Generally, respondents' comments were neutral to positive, and both positive and negative impacts were attributed to seasonality. Not surprisingly, election ramifications and tariffs were mentioned often, with cautionary outlooks related to the potential impact on respondents' specific industries."
Elsewhere, S&P Global's services PMI was downwardly revised from a preliminary reading of 57 to 56.1 in November but remained above October's reading of 55. S&P's composite PMI climbed to 54.9 in November, short of preliminary estimates for a reading of 55.3 despite being a 31-month high.
Reporting by Iain Gilbert at Sharecast.com
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