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.
上个月，美国服务业经历了增长势头意外放缓，受访者对近期选举和即将到来的关税对经济影响表示谨慎。
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.
根据供应管理学会的数据，上周三公布的服务采购经理人指数降至52.1%，低于10月的两年高峰56%，未能达到55.5%的预期，显示放缓速度较慢。
"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.
供应管理学会服务业务调查委员会主席史蒂夫·米勒称，“11月服务业PMI下降是由四个直接影响的子指数下降所驱动，包括业务活动、新订单、就业和供应商交货。”
November ISM Services PMI: Key Highlights
11月份ISM服务业PMI:主要亮点
- 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月份更广泛的ISM服务业PMI指数连续第五个月呈扩张态势，尽管速度较10月有所放缓。调查结果加强了服务业“已恢复持续增长”的观点，米勒指出。
- 业务活动子指数从10月的57.2%下降至11月的53.7%。
- 新订单子指数从57.4%下降至53.7%。
- 价格子指数从58.1%上升至58.2%。
- 就业子指数从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.
“总体而言，受访者的评论中立到积极，正面和负面影响都被归因于季节性，”米勒表示。
"Election ramifications and tariffs were mentioned often, with cautionary outlooks related to the potential impact on respondents' specific industries," he added.
“经常提到选举的后果和关税问题，对受访者特定行业潜在影响持谨慎态度。” 他补充道。
Market Reactions
市场反应
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.
美元指数（DXY）—由景顺Db美元指数看好基金ETF（纽交所：UUP）跟踪—在ISM报告后下跌，并抹去了当日涨幅。
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.
国债收益率也逆转了趋势，各期限利率趋平，10年期收益率回落至4.23%，较当日早些时候触及的4.27%有所下降。
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%.
股票保持了适度的早盘涨幅，由标普500指数（SPDR标普500 ETF Trust，纽交所：SPY）跟踪，上涨了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%.
蓝筹股，通过标普道琼斯工业指数ETF（纽交所：DIA）监测，也微涨了0.2%。科技重镇纳斯达克100指数，由景顺QQQ基金（NASDAQ：QQQ）跟踪，上涨了0.6%。
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