On Friday, data released by ISM showed thatDriven by improved employment,The US November ISM non-manufacturing index was 69.1, a record high, expected to be 65 and 66.7 in October. 50 is the dividing line between prosperity and decline. but,There are few signs that supply constraints are easing, and prices remain high.
Important sub-indices:
ISM’s service sector employment index rose to 56.5 from 51.6 in October, a seven-month high. This means that the current labor shortage in the epidemic may begin to ease.
Benefiting from the increase in employment, the backlog of unfinished jobs in the service industry made progress in November, falling to 65.9, down from 67.3 in October.
The supplier delivery index remained at the second highest level in history at 75.7, which was the same as in October, indicating that delivery delays are still long.
The price indicator paid by the service industry fell slightly to 82.3 from 82.9 in October, which is still at a very high level.
The new order indicator remained at a historically high level of 69.7.
The financial blog Zerohedge stated that the ISM non-manufacturing data is high, partly because the supplier delivery index and other data are still at historically high levels. The final headline data only reflects the demand, but does not reflect the supply chain disruption and the rest of the world. Many failure points and other issues.
Data earlier on Friday showed thatThe final value of the Markit service industry PMI in the United States in November is 58, which is the lowest final value since September.Expected 57, initial value 57. In terms of sub-indices, the final value of the employment sub-index rose to 54.1, a new high since June, and the price-input sub-index reached a new high since May.
The final value of Markit’s comprehensive PMI in November was 57.2, which was the lowest final value since September.The initial value is 56.5. The final value of the employment sub-index rose to a new high since June, and the final value of the price input sub-index rose to 77.6, a record high.
Commenting on the latest survey results, Chris Williamson, chief business economist at IHS Markit, said:
U.S. business activity continued to grow at a steady rate in November, which further shows that the pace of economic growth in the fourth quarter is accelerating after the Delta virus slowed down in the third quarter. Although growth does not match the surge that occurred when the economy reopened earlier this year, the expansion in the fourth quarter should be much higher than the long-term trend of the economy.
However, the growth is uneven. As the manufacturing industry is still severely constrained by supply shortages and, in some cases, labor supply problems, growth is mainly led by the service industry. And related limiting factors are increasingly affecting service providers. The service industry reported that the number of outstanding orders in November was close to a record increase due to the company’s lack of capacity to meet demand. Cost pressures in the service industry also soared in November, which is usually related to rising input prices due to shortages and increases in employee wages.Inflation is only slightly below the historical peak in May.
Although companies’ expectations for the coming year rose in November,However, most of the survey data was collected prior to the release of the Omicron variant virus news, which has brought new uncertainties to the company’s prospects and also brought downside risks to the near-term growth prospects.Return to Sohu to see more
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