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US ISM Non-Manufacturing: Slower but still expanding - Wells Fargo

According to analysts from Wells Fargo, despite the decline in November of the ISM non-manufacturing index the broad economy is continuing to expand at a solid clip.

Key Quotes: 

“The ISM non-manufacturing index declined 2.7 points in November as the effects from recent storms became less pronounced. Growth remains solid, however, with the index still relatively high at 57.4.”

“Supplier delivery times grew at a much slower pace over the month, with the index falling from the highest levels since late 2005 (following Hurricanes Katrina and Rita) to 54.0. 

“The employment index eased back to 55.3 in November, reinforcing our call for hiring to have moderated to a still-strong 220,000 gain in Friday’s employment report.”

Growth in the near-term remains favorable but looks set to slow with the orders and backlogs expanding at a more modest pace.”

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