Sigh Of Relief In ISM Services
Sigh Of Relief In ISM Services
After the Markit PMI reading for the Services sector came in weaker than expected, investors were on edge that the ISM Services report fifteen minutes later would also miss expectations. Thankfully, the report didn't disappoint, as it rose from 52.6 (the lowest level since August 2016) up to 54.7 versus expectations for an increase to 53.5. On a combined basis and accounting for each sector's share of the overall economy, the October ISM increased from 52.1 (again, the lowest level since August 2016) up to 54.0.
Summary
发明内容
After the Markit PMI reading for the Services sector came in weaker than expected, investors were on edge that the ISM Services report fifteen minutes later would also miss expectations. Thankfully, the report didn't disappoint, as it rose from 52.6 (the lowest level since August 2016) up to 54.7 versus expectations for an increase to 53.5. On a combined basis and accounting for each sector's share of the overall economy, the October ISM increased from 52.1 (again, the lowest level since August 2016) up to 54.0.
在Markit服务业PMI指数低于预期后，投资者担心15分钟后发布的ISM服务报告也将低于预期。值得庆幸的是，该报告没有令人失望，因为它从52.6(2016年8月以来的最低水平)上升到54.7，而不是预期的增加到53.5。综合考虑各行业在整体经济中所占的份额，10月份ISM从52.1(同样是2016年8月以来的最低水平)上升至54.0。
Looking at the internals of the report, breadth was biased to the downside, as six components declined on a m/m basis and just four increased. On a y/y basis, though, breadth was all in the same direction, and that direction was down, as every component is lower now than it was at this same time last October. While breadth was negative and the overall level of growth is on the weak side, only three components shown below did not show growth (50 or below) in October.
从报告的内部来看，广度偏向于下行，因为6个组成部分在m/m的基础上下降，只有4个成分增加。不过，在y/y的基础上，宽度都在同一个方向上，并且这个方向是向下的，因为现在每个组件都比去年10月的这个时候要低。虽然宽度为负数，整体增长水平偏弱，但在10月份，只有以下三个组成部分没有显示增长(50或更低)。
Two of the categories showing no growth in October were Export and Import Orders, as the trade war continues to depress cross-border activity. As shown in the charts below, the level of Export Orders is now at its lowest level since early 2017, while the level of Import Orders is at its joint lowest level since January 2016.
10月份没有增长的两个类别是进出口订单，因为贸易战继续抑制跨境活动。如下图所示，出口订单水平目前处于2017年初以来的最低水平，而进口订单水平处于2016年1月以来的联合最低水平。
原邮政
Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.
编者按：本文的摘要项目符号是通过寻找Alpha编辑来选择的。