US Services Sector Growth Cools More Than Expected In November As Businesses Show 'Cautionary Outlooks' On Tariffs
US Services Sector Growth Cools More Than Expected In November As Businesses Show 'Cautionary Outlooks' On Tariffs
"Generally, respondents' comments were neutral to positive, and both positive and negative impacts were attributed to seasonality," Miller said. The U.S. services sector experienced an unexpected slowdown in its growth momentum last month as respondents expressed caution regarding the economic impact of recent elections and impending tariffs.
美國服務業上個月經歷了增長動能意外放緩，受訪者對近期選舉和即將生效的關稅對經濟影響表示謹慎。
The Services Purchasing Managers Index released Wednesday fell to 52.1% in November, down from a two-year peak of 56% in October, missing expectations of a slower deceleration to 55.5%, according to data from the Institute for Supply Management.
根據供應管理協會數據顯示，上週三發佈的服務業採購經理人指數從十月份的兩年高點56% 下降到11月的52.1%，略低於市場預期的55.5%。
"The decrease in the Services PMI in November was driven by decreases in each of the four directly impacting subindexes – Business Activity, New Orders, Employment and Supplier Deliveries," stated Steve Miller, chair of the ISM Services Business Survey Committee.
「11月服務業採購經理人指數下降是由影響直接的四個分項指數 - 業務活動、新訂單、就業和供應商交貨時間 都出現下降所導致的，」供應管理協會服務業務調查委員會主席史蒂夫·米勒表示。
November ISM Services PMI: Key Highlights
11月份ISM服務業採購經理人指數：主要亮點
- The broader ISM Services PMI index recorded its fifth straight month of expansionary conditions in November, albeit at a slower speed compared to October. The survey results reinforce the view that the services sector "has returned to sustained growth," Miller said.
- The subindex for Business Activity eased from 57.2% in October to 53.7% in November.
- The subindex for New Orders eased from 57.4% to 53.7%.
- The subindex for Prices inched up from to 58.1% to 58.2%.
- The subindex for Employment fell from 53% to 51.5%.
- 11月份ISM服務業採購經理人指數記錄了連續第五個月的擴張性條件，儘管增速較十月份有所放緩。調查結果強化了服務業「已重回持續增長」觀點，米勒表示。
- 十月份業務活動細分指數從57.2% 下降到11月的53.7%。
- 十月份新訂單細分指數從57.4% 下降到53.7%。
- 價格細分指數從58.1% 上升到58.2%。
- 就業子指數從53%下降到51.5%。
"Generally, respondents' comments were neutral to positive, and both positive and negative impacts were attributed to seasonality," Miller said.
「一般來說，受訪者的評論是中立到積極的，同時也歸因於季節性的積極和消極影響，」米勒說。
"Election ramifications and tariffs were mentioned often, with cautionary outlooks related to the potential impact on respondents' specific industries," he added.
「經常提到選舉後果和關稅問題，對受訪者特定行業潛在影響持謹慎態度，」他補充道。
Market Reactions
市場反應
The U.S. dollar index (DXY) — as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP) — fell in the aftermath of the ISM report and erased session gains.
隨着ISM報告的出爐，美元指數（DXY）— 景順Db美元指數看好基金etf（NYSE:UUP）—在交易結束後下跌，抹去了當天的漲幅。
Treasury yields also reversed their trend and flattened across the curve, with the 10-year yield returning to 4.23%, down from 4.27% hit earlier in the day.
國債收益率也逆轉了趨勢，各期限曲線走平，10年期收益率回落至4.23%，低於當天早些時候觸及的4.27%。
Stocks maintained modest early morning gains, with the S&P 500 — tracked by the SPDR S&P 500 ETF Trust (NYSE:SPY) — up by 0.2%.
股票保持了適度的早盤漲幅，標普500指數 — 由標普500指數etf托拉斯特（紐交所:SPY）跟蹤 — 上漲了0.2%。
Blue chips, as monitored through the SPDR Dow Jones Industrial Average ETF (NYSE:DIA), also inched up by 0.2%. The tech-heavy Nasdaq 100, tracked by the Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), rose 0.6%.
藍籌股，通過道瓊斯工業平均指數etf（紐交所:DIA）監測，也微漲了0.2%。科技股爲主的納斯達克100指數，由Invesco QQQ基金第一系列（納斯達克:QQQ）跟蹤，上漲了0.6%。
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譯文內容由第三人軟體翻譯。