Last month’s slight down-tick in the Institute for Supply Management’s (ISM) services index has turned into something more substantial — falling to 48.7. This is well below the expected value of 51.5 and means it has now dropped two months in a row.
Moreover it has broken the key 50-level, indicating a contraction in services during November.
Looking at the detail a bit further, particular weakness came from the Business Activity and Order Backlog components of the index:
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