Macro: ISM Services
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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.
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