Macro: ISM Services

By Douglas R. Terry, CFA of Alhambra Investments

Jan 5, 2024 at 5:59 PM EST

The index is down from 52.7% in November to 50.6% in December.

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The index is down from 52.7% in November to 50.6% in December. While current activity registered a jump to 56.6% from 55.1%, the composite is being held down by employment, inventories, trade and new orders.

Employment — 50.7 in Nov to 43.3 in Dec, down 7.4%
Inventories — 55.4 in Nov to 49.6 in Dec, down 5.8%
Imports — 53.7 in Nov to 49.3 in Dec, down 4.4%
Exports — 53.6 in Nov to 50.4 in Dec, down 3.2%
New Orders — 55.5 in Nov to 52.8 in Dec, down 2.7%

The ISM Services PMI has shown expansion in 42 of the past 43 months. But it has been broadly slowing since the end of 2021 after a boom in services that year coinciding with the end of pandemic lockdowns.

ISM Services PMI

More By This Author:

Macro - Employment
Macro: S&P Global US Services PMI - Strengthens
Macro: Employment — ADP And Initial Claims — Strong Employment Continues

Disclaimer:

This information is presented for informational purposes only and does not constitute an offer to sell, or the solicitation of an offer to buy any investment products. None of the information herein constitutes an investment recommendation, investment advice, or an investment outlook. The opinions and conclusions contained in this report are those of the individual expressing those opinions. This information is non-tailored, non-specific information presented without regard for individual investment preferences or risk parameters. Some investments are not suitable for all investors, all investments entail risk and there can be no assurance that any investment strategy will be successful. This information is based on sources believed to be reliable and Alhambra is not responsible for errors, inaccuracies, or omissions of information. For more information contact Alhambra Investment Partners at 1-888-777-0970 or email us at [email protected].

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