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MNI INTERVIEW: OPEC Cuts A Headwind To Services - ISM

(MNI) WASHINGTON

ISM services chair echoes concerns about slowdown in manufacturing.

Institute for Supply Management services chair Anthony Nieves told MNI OPEC production cuts present a fresh headwind to the sector but he continues to expect moderate growth through the end of the year, while closely watching manufacturing as a lead indicator of a contraction.

"It will buffet prices for sure," he said, soon after OPEC announced an agreement for production cuts of 2 million bpd. "We need to see where fuel prices go." The ISM report suggested that price pressures declined in September, with the prices paid measure down 2.8pt and supplier deliveries dropping 0.6pt.

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Institute for Supply Management services chair Anthony Nieves told MNI OPEC production cuts present a fresh headwind to the sector but he continues to expect moderate growth through the end of the year, while closely watching manufacturing as a lead indicator of a contraction.

"It will buffet prices for sure," he said, soon after OPEC announced an agreement for production cuts of 2 million bpd. "We need to see where fuel prices go." The ISM report suggested that price pressures declined in September, with the prices paid measure down 2.8pt and supplier deliveries dropping 0.6pt.

Keep reading...Show less