US ISM Services PMI dropped -0.7 to 55.9 in November, slightly below expectation of 56.0. Business activity dropped -3.2 to 58.0. New orders dropped -1.6 to 57.2. Employment rose 1.4 to 51.5.
ISM said: “The past relationship between the Services PMI™ and the overall economy indicates that the Services PMI™ for November (55.9 percent) corresponds to a 2.5-percent increase in real gross domestic product (GDP) on an annualized basis.”
