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ECON: ISM Non-Manufacturing Weaker Than Expected
Posted to: Micro News
Wednesday, December 04, 2013 10:17 AM
- ISM Services PMI 53.9 vs 55.0 forecast, 55.4 previously
- Employment 52.6 vs 56.2 previously
- Employment lowest since May
- Market Reaction: helping to stem the losses inspired by this morning's ADP data, though it's only been worth 2bps in terms of 10yr yields so far and 7 ticks for Fannie 4.0s.
"This indicates continued growth at a slower rate in the non-manufacturing sector. The Non-Manufacturing Business Activity Index decreased to 55.5 percent, which is 4.2 percentage points lower than the 59.7 percent reported in October, reflecting growth for the 52nd consecutive month, but at a slower rate. The New Orders Index decreased slightly by 0.4 percentage point to 56.4 percent, and the Employment Index decreased 3.7 percentage points to 52.5 percent, indicating growth in employment for the 16th consecutive month, but at a slower rate. The Prices Index decreased 3.9 percentage points to 52.2 percent, indicating prices increased at a slower rate in November when compared to October. According to the NMI®, 11 non-manufacturing industries reported growth in November. Respondents' comments for the most part indicate the non-manufacturing sector is maintaining a steady course of incremental growth and a positive outlook for the upcoming months."
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