US: ISM Non-Manufacturing signals moderate growth - Wells Fargo

The ISM non-manufacturing PMI index fell to 55.9 in December. Analysts from Wells Fargo point out that employment was up, but new orders slowed from their impressive level of recent months. 

Key Quotes: 

“After hitting more than a decade-high this fall following hurricane-related distortions, the ISM non-manufacturing index continued to cool in December. The index fell to 55.9, putting it a point below its average in the first half of the year.”

“Employment rose one point to 56.3, suggesting that the slowdown in payroll growth reported early this morning is not particularly worrisome.”

“At 56.5, the weighted average of the two ISMs point to GDP growth registering another solid quarter in Q4. However, a slowdown in new orders bears watching. After averaging 61.5 the past three months, the orders index slipped to 54.3.”