US ISM non-manufacturing composite rose to 60.7 in November, up fro 60.3 and beat expectation of 59.5. Employment component dropped -1.3 to 58.4 but remained well above 50. ISM noted that “The non-manufacturing sector continued to reflect strong growth in November. However, concerns persist about employment resources and the impact of tariffs. Respondents remain positive about current business conditions and the direction of the economy.”
Also released, factory orders dropped -2.1% in October versus expectation of -2.0%
Canada Ivey PMI dropped to 57.2, down from 61.8 and missed expectation of 60.3.
