ISM non-manufacturing (services) fell to 53 in December, from 53.9 the previous month.
This missed expectations for a rise to 54.7.
The employment sub-index however surged to 55.8, from 52.5, up 3.3 percentage points.
Business activity, new orders, and new export orders all fell in December.
Here are some anecdotal responses from the survey:
- “Hiring activity seems to remain steady at mid- to senior-level management positions. However, it is uncertain what impact the Affordable Healthcare Act will have on hiring and full-time status in 2014 as more companies are re-evaluating their healthcare benefits strategies for all positions.” (Management of Companies & Support Services)
- “Business is steady. We are at year-end and the holidays, so it’s a little quiet. Expect things to pick up after the first [of the year].” (Construction)
- “Early, severe winter weather has had a major impact on business. Both customers and employees were unable to reach the workplace.” (Arts, Entertainment & Recreation)
- “Steady, with no significant shifts in demand or supply.” (Finance & Insurance)
- “Overall, we are still seeing the pickup in business which began in the 3rd quarter.” (Wholesale Trade)
- “General business conditions have improved.” (Information)
Here’s the breakdown:
Earlier today we got Markit’s U.S. services PMI which fell to 55.7 in December, from 55.9 the previous month.