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US ISM Service Weaker On Usual Suspects

DATA REACT
  • ISM Services was materially weaker than expected in Dec, falling from 69.1 to 62.0 (cons 67.0).
  • It came as respondents indicated the now familiar “struggle with inflation, supply chain disruptions, capacity constraints, logistical challenges and shortages of labor and materials”, sparking only limited market reaction.
  • There were large declines in new orders and rises in supplier delivery times (a drag on the index) whilst prices were near enough unchanged at the third highest reading on record (82.5, +0.2pts from Nov and just off 82.9 in Oct).
  • A broad range of commodities were reported as up in price and in short supply, with microchips seeing a tenth consecutive month of short supply.
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