Chart of the Week
NDR: Slow Services Growth
Global services activity continued to grow at a snail’s pace in November, as the PMI crept up 0.2 points to 50.6, well below an average of 55 in Q2 of this year and the long-term average of 53.6.
Additional indexes were mixed. New business expanded for the first time in three months, but employment grew at a weaker pace, while the decline in backlogs accelerated.
Additional indexes were mixed. New business expanded for the first time in three months, but employment grew at a weaker pace, while the decline in backlogs accelerated.
The share of economies with expanding services sectors picked up 64% from 53% in the prior month (see chart). Despite the improvement, breadth is still below the 85%-plus readings seen during prior expansions. #NedDavisResearch
