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The Institute of Supply Management (ISM) will be releasing the monthly non-manufacturing or service sector PMI for November today. Considered to be one of the high impact items, investors will be keeping a close watch.
Economists forecast that non-manufacturing activity, as measured by ISM will fall to 54.5 in November. This marks a decline in the index from 54.7 in October.
The services sector has been holding up steadily over the past few months amid a slowdown in the manufacturing sector. The services sector is one of the major contributors to the US GDP. Based on this, a slowdown in the non-manufacturing sector could spell trouble.
In October, the index rebounded after declining in the prior month. Services sector activity has been somewhat mixed over the past few months. The NMI is in a pattern of posting declines for two months before rebounding.
Comparing to the manufacturing sector, activity in the services sector is somewhat more stable. ...
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