The Institute of Supply Management (ISM) has released its November services purchasing managers' index (PMI). The headline composite index is at 52.7, which was above the 52.0 forecast. The latest reading marks the 11th straight month the index has been expansion territory.
Here is an excerpt from the report summary:
Nieves continues, “The services sector had a slight uptick in growth in November, attributed to the increase in business activity and slight employment growth. Respondents’ comments vary by both company and industry. There is continuing concern about inflation, interest rates and geopolitical events. Rising labor costs and labor constraints remain employment-related challenges.” [Source]
Unlike its much older kin, the ISM manufacturing series, there is relatively little history for ISM's non-manufacturing data, especially for the headline composite Index, which dates from 2008. The chart below shows the non-manufacturing composite.
