US ISM Non-Manufacturing Composite dropped to 53.9 in November, down from 54.7, missed expectation of 54.5. Looking at some details, production dropped sharply by -5.4 to just 51.6. However, new orders rose 1.5 to 57.1. Employment also rose 1.8 to 55.5.

ISM’s Anthony Nieves said: “The non-manufacturing sector had a slight pullback in November. The respondents hope for a resolution on tariffs and continue to be hampered by constraints in labor resources.”

Full release here.

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