In a reversal from the better than expected ISM manufacturing data from last week, the ISM service index fell to 52 in November from 52.9 in October. It’s a disappointment as the consensus had been calling for 54.
This was the lowest reading since January 2010. On the positive side, it is still above 50 which indicates growth.
This number is more important than the ISM for manufacturing simply because the service sector now represents about 90% of the economy. However, I doubt many people will be paying much attention to this data today as developments in the Eurozone are overshadowing most other news.
