U.S. Nov. ISM services index rises to 61.3%
Friday, December 3, 2004 3:30:34 PM
afxpress.com
WASHINGTON (AFX) - Nonmanufacturing sectors of the U.S. economy expanded at their broadest rate since July during November, the Institute for Supply Management reported Friday. The ISM nonmanufacturing index rose to 61.3 percent from 59.8 percent in October. Economists were looking for a pull back to 57.8 percent, according to a survey conducted by CBS MarketWatch. New orders faded to 59.9 percent from 60.5 percent. Employment eased to 55 percent from 55.8 percent. "Many of members' comments regarding business in November indicate continued positive business conditions but with continued concern for inflationary pressures," the ISM said
The prices paid index fell to 71 percent from 74.1 percent, with 38 percent of firms reporting higher prices and 4 percent reporting lower prices. Twelve of 17 industries were expanding in November, led by wholesale trade, utilities and agriculture. Two industries, legal services and entertainment, contracted. Readings over 50 percent in the ISM index indicate expansion in the sector. The ISM measures the breadth of economic health across firms, rather than the intensity of growth
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Here let me reword that so it makes some sense.
Nonmanufacturing sectors of the U.S. economy expanded at their broadest rate since July during November as tens of thousands thousands of part time Walmart greeters were added for the holidays. In other news, over-expansion of Burger King and Home Depots so that there is one within a quarter mile of nearly everyone on the planet also contributed to the strong numbers. The prices paid index fell because stores are paying less benefits. Full time employees are being slashed as part-time (without benefit) jobs are being added in droves.
In other news, the economy added 112,000 jobs today, nearly half of which were imaginary. Wall street found the loss of jobs very encouraging and in spite of consumer confidence numbers plunging like a rock and fewer jobs being added than the birth rate, stock buyers rallied the most logical market sector: housing. Housing stocks found the job news most encouraging and rallied the housing index 5 points (1.2%).
Now with a fine report like that, how come I can't get an analyst job for CNBC?
Mish |
