Analysts at Wells Fargo point out that service sector business activity slowed in November as rising virus case counts renewed pressure on service providers even as they struggle to get scarce supplies.
Key Quotes:
“The services ISM slipped slightly in November, though it remains in expansion territory at 55.9. Business activity dropped 3.2 points to 58.0 as the re-opening bounce continues to fade.”
“Supplier deliveries rose for a second straight month as service businesses struggled with supply chain constraints and long wait times. The scarcity of supplies may be a factor behind the rise in the prices paid measure which jumped to an eight-year high.”
“Despite the vaccine news, the near-term outlook remains grim with case counts still high in December.”
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