CHART OF THE DAY: The Services Sector Turns Sharply Lower

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The U.S. services sector is once again contracting according to the Institute for Supply Management’s (ISM) Non-Manufacturing Index.

The latest November index value came in at 48.7, surprising consensus economists who expected it to be 51.5. Any value below 50 indicates a contraction of activity, according to the ISM.

This makes it very clear that the services sector improvement we’ve seen all year has suddenly reversed, after only briefly breaking above the key 50-level. See detailed tables about the latest November report here.

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