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ISM November services PMI index 69.1 against 65.0 estimate

ISM Services PMI Index for November

  • previous month 66.7
  • new orders 69.7 against 64.0 estimate. Last month 69.7
  • employment index 56.5 against 52.2 estimate. Last month 51.6
  • price paid 82.3 against 80.9 estimate. Last month 82.9
  • activity 74.6 compared to 69.8 in October
  • supplier deliveries 75.7 compared to 75.7 last month
  • order book 65.9 compared to 67.3 last month
  • new export orders of 57.9 compared to 62.3 last month
  • imports 50.5 compared to 53.3 last month
  • stocks sentiment 36.4 vs. 37.3 last month

Some highlights:

  • The index is the highest reading since the index’s inception in 2008.
  • The 12-month average is 62.1%, reflecting strong and sustained demand in the service sector.
  • The November reading indicates that the service sector rose for the 18th consecutive month after two months of contraction and 122 months of growth before that.

Anthony Nieves, Chairman of the ISM Service Firms Inquiry Committee, said:

Economic activity in the services sector increased in November for the 18th consecutive month – with services PMI® setting a record for the fifth time in 2021 – according to the country’s purchasing and supply managers in the latest Service ISM Report On Business. In November, the PMI® services index posted a new record high of 69.1%. Demand continues to be strong, as evidenced by the sub-index data in November. The backlog index was 65.9%, 1.4 percentage points lower than October’s all-time high of 67.3%. Service companies are still struggling to rebuild their inventories, as the inventories index (48.2%, up 6 percentage points from the October reading of 42.2%) and the index Stock sentiment (an all-time low of 36.4%, down 0.9 percentage point from the previous month figure of 37.3 percent) remained in contraction or in “too low” territory in November . The 18 service industries that recorded growth in November – listed in order – are: real estate, rental and leasing; Transport and warehousing; Retail business; Agriculture, forestry, fishing and hunting; Business Management & Support Services; Utilities; Wholesale trade; Mining; Public administration; Construction; Health care and social assistance; Arts, entertainment and recreation; Other services✣; Professional, scientific and technical services; Finance and insurance; Information; Educational services; and Accommodation and food services.

Like the Markit report, it is likely that most of the survey data was collected before the recent omicron news.

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