US ISM non-manufacturing composite dropped to 57.6 in December, down from 60.7 and missed expectation of 57.6. It’s also the lowest level in five months. Employment component dropped -2.1 to 56.3.
ISM noted in the release that “The non-manufacturing sector’s growth rate cooled off in December. Respondents indicate that there still is concern about tariffs, despite the hold on increases by the U.S. and China. Also, comments reflect that capacity constraints have lessened; however, employment-resource challenges remain. Respondents are mostly optimistic about overall business conditions.”
