Capstone Forex Trading Online: U.S. service industry activit


2019-12-06 09:59      from:CAPSTONE    author:Jack

Capstone Forex Trading Online: U.S. service industry activity slowed in November, as concerns over trade tensions and worker shortages persisted, dragging production down to its lowest level in 10 years, which could exacerbate concerns about the health of the economy.
Other data released on Wednesday showed that private employment rose the least in six months in November. Data released on Monday showed that manufacturing activity contracted for the fourth consecutive month in November and construction spending fell in October.

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The continuous decline in manufacturing and the decrease in construction spending for the second consecutive month have cooled the fourth quarter economic growth expectations. Previously, a series of optimistic data such as the trade deficit, the property market and corporate investment boosted the fourth quarter economic growth forecast. However, the US economy still appears to be growing at a modest rate, rather than stagnating.
Economic growth is being constrained by the Trump administration's "U.S. Priority" policy, which has caused the United States to become involved in a trade war with China and imposed tit-for-tat tariffs on other countries. Trade tensions have eroded corporate confidence, and the stimulus effect of last year's $ 1.5 trillion tax cut is fading.
The American Institute of Supply Management (ISM) said that last month's non-manufacturing activity index fell to 53.9 from 54.7 in October. An index above 50 indicates expansion in the services sector, which accounts for more than two-thirds of US economic activity.
Analysts polled by Reuters had expected the index to fall to 54.5 in November. The survey's corporate activity sub-index fell by 5.4 points to 51.6, the lowest level since November 2009, because import tariffs, including steel and aluminum, increased corporate costs. A measure of input prices in the service sector jumped 1.9 points last month to 58.5.
"The November service industry index decline seems to reflect the impact of tariffs on the prices of products that many service companies use to provide services to other companies and consumers," said Chris Rupkey, principal analyst at Mitsubishi UFJ Financial Group (MUFG). China obviously has not paid for all tariffs. "
U.S. President Trump has repeatedly claimed that China has paid for tariffs during a 17-month trade war.
After the data was released, the dollar fell against a basket of currencies and US Treasury yields rose. Wall Street stocks are higher.

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