US: ISM non-manufacturing index already peaked? – ANZ

Analysts at ANZ note that the US ISM non-manufacturing index moderated from a 12-year high as the headline dipped to 57.4, still a touch above the 6-month average of 57.3.

Key Quotes

“The moderation was broad based with activity, new orders, and employment all lower. Despite that, it still remains at healthy levels and the Atlanta Fed GDPNow estimate for Q4 sits at 3.2%. The US October trade balance came in at $48.7 bn. There was a surge in imports, propelling the deficit wider. Consumer goods imports increased almost $800m, including a $303m gain in cell phones and other household goods, as well as more inbound shipments of furniture, appliances, toys and clothing.”