NEW YORK (Reuters) ? The pace of growth in the vast U.S. services sector slowed in November to the slowest since January 2010, according to an industry report released on Monday.
New orders for U.S. factory goods fell in October for the second straight month, suggesting a possible softening in the manufacturing sector, which has supported the economic recovery.
COMMENTS:
MARC PADO, U.S. MARKET STRATEGIST, CANTOR FITZGERALD & CO. IN SAN FRANCISCO
"We are still showing growth within the ISM so it's not as if we went into negative territory it's just not as strong as you would like to see ... Overall an unimpressive ISM services number ... The focus is really on Europe this week. It will refocus back to our economy and our market next week."
ANDREW WILKINSON, CHIEF ECONOMICS STRATEGIST, MILLER TABAK & CO., NEW YORK
"There was a little bit of disappointment in the headline. The drag was largely from the employment component in the headline and while that is negative it does not necessarily support a downturn in the employment picture. The other components in the report, however, were broadly positive. Overall the economy continues in expansion territory."
ALEXANDER CHEPURKO, FOREIGN EXCHANGE ANALYST, FOREX CLUB, NEW YORK
"The market cares more about the European situation, the euro zone summit in particular and the ECB rate decision which will probably be a cut. Also the Greek budget vote on Wednesday. The data in the U.S. is divergent from that of Europe. The data in Europe is showing a recession and even if the U.S. data is not smashing, it still gives a bias to a lower euro against the U.S. dollar."
CARY LEAHEY, MANAGING DIRECTOR AND SENIOR ECONOMIST, DECISION ECONOMICS, NEW YORK
"This series has been pretty flat for the last six months and this survey shows a slow-moving service sector. That is pretty much in line with the market sense that though the economy has improved, it is still not growing very quickly. This is the first disappointing indicator we've seen in the last couple of weeks.
"The report supports the view that fourth-quarter GDP will reflect some investment in inventory. This is a second-tier report and does not generate the kind of interest that follows the manufacturing report that arrives a few days earlier."
MICHAEL YOSHIKAMI, PRESIDENT AND CHIEF INVESTMENT STRATEGIST AT YCMNET ADVISORS IN WALNUT CREEK, CALIFORNIA
"This shows the economy is clearly beginning to recover, and those who had been forecasting another recession will probably have to start rethinking things. But while the (ISM services) number is an improvement, we shouldn't get too excited because we still have subpar GDP growth and stubbornly high unemployment. But this is a good number and I think it will be a positive for the market."
VIMOMBI NSHOM, ECONOMIST, IFR ECONOMICS, A UNIT OF THOMSON REUTERS
"October factory orders fell by 0.4%, and with revisions represent the second month of contractions after September now shows orders having fallen 0.1% (had been a gain of 0.3%) due to a larger drop in durables. Both types of goods fell, durables were down 0.6% and nondurables were down 0.3%, with transportation responsible again for the decline as orders would have been up 0.2% excluding transportation (and up 0.9% in September)."
(Americas Economics and Markets Desk)
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