The index is down from 52.7% in November to 50.6% in December. While current activity registered a jump to 56.6% from 55.1%, the composite is being held down by employment, inventories, trade and new orders.

  • Employment — 50.7 in Nov to 43.3 in Dec, down 7.4%
  • Inventories — 55.4 in Nov to 49.6 in Dec, down 5.8%
  • Imports — 53.7 in Nov to 49.3 in Dec, down 4.4%
  • Exports — 53.6 in Nov to 50.4 in Dec, down 3.2%
  • New Orders — 55.5 in Nov to 52.8 in Dec, down 2.7%

The ISM Services PMI has shown expansion in 42 of the past 43 months. But it has been broadly slowing since the end of 2021 after a boom in services that year coinciding with the end of pandemic lockdowns.

ISM Services PMI

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