ISM November US services 56.5 vs 53.3 expected

• Prior was 54.4

Details:

• Prices paid 70.0 vs. 70.7 last month
• Employment 51.5 vs. 49.1 last month
• New orders 56.0 vs. 56.5 last month
• Supplier deliveries 53.6 vs. 56.2 last month
• Inventories 47.9 vs. 46.4 last month
• Backlog of orders 51.8 vs. 52.2 last month
• New export orders 38.4 vs. 47.7 last month
• Imports 59.5 vs. 50.4 last month

The S&P Global and ISM people clearly aren't surveying the same group of services companies because this is a stark difference in surveys that should be correlated. Good luck figuring out what this part of the economy will look like in 2023. In terms of currencies Currencies Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Read this Term, I would highlight the drop in new export orders as that's likely showing the sting of the strong US dollar US Dollar The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel The US dollar, (symbol $, code USD) is the fiat currency of the United States of America (USD) and the most widely traded currency globally. It was introduced into the US in the late 18th Century, with paper notes not being distributed until the following century. The US dollar, also informally known as the greenback, is the world’s most foremost reserve currency, due in large part to the importance of the US economy on the world stage. Once backed by gold (in the 1900’s), the USD is now a purel Read this Term.

Comments in the report:

• “Business is doing well, almost back to pre-coronavirus pandemic volumes.” [Agriculture, Forestry, Fishing & Hunting]
• “Generally unchanged month over month. New business requests are solid, with costs rising steadily for materials, meals and lodging.” [Construction]
• “Still long lead times for service-related needs. A slight downturn in fuel costs in this region, but we are still experiencing supply chain shortages and delays.” [Educational Services]
• “The labor forecast has improved, which has led to our ability to increase caseload, translating to higher surgical volumes. Some medical/surgical goods categories remain constrained — Vacutainer (blood collection tubes), wound care kits, syringes, hypodermic needles — but seeing modest improvement in other categories. Despite the uptick in RSV (respiratory syncytial virus) and flu, we anticipate that business activity will remain strong through the end of 2022.” [Health Care & Social Assistance]
• “The demand for energy services remains very strong for the foreseeable future.” [Mining]
• “No change from previous months — strong RFQ activity from our customers, but we’re struggling to get electronic materials. Suppliers are still holding to lead times between eight and 12 months for simple components. We don’t see this improving in 2023.” [Other Services]
• “Job openings are seemingly continuing to decrease, but with demand for top talent still high and availability still rather scarce, the opportunity for growth is still there.” [Professional, Scientific & Technical Services]
• “Overall business is stable. Employment is low and inflation is lower than last month. Supply chain issues are stabilizing.” [Retail Trade]
• “Still struggling with recruitment, though we are starting to see more (higher quality) applicants, and (we are) hopeful the situation will quantitatively change in the first quarter of 2023. There are still struggles with longer-than-usual lead times affecting monthly delivery schedules.” [Transportation & Warehousing]
• “Local, regional and national supply constraints continue to create supply chain complexities and challenges.” [Utilities]
• “Business volume appears to be leveling out based on a month-over-month comparison, although we are up significantly when compared to the same month last year.” [Wholesale Trade]