In the US, the ISM for the non-manufacturing sector fell unexpectedly in November. The headline index dropped from 52.9 to 52.0, the lowest level since January 2010, while the consensus was looking for an increase to 53.9. The details are less bad that the headline index suggests. Business activity (56.2 from 53.8), inventory change (52.5 from 45.5) and inventory sentiment (63.0 from 57.5) improved sharply in November and also new orders (53.0 from 52.4), backlog of orders (48.0 from 47.0), new export orders (55.5 from 54.0) and imports (48.5 from 48.0) strengthened. Only supplier deliveries (50.0 from 52.0) and employment (48.9 from 53.3) weakened compared to the previous month. Upward cost pressures picked up again with prices paid rising from 57.1 to 62.5. So while the headline figure looks weak, especially as it is the weakest reading in almost two years, the details are robust. We believe therefore that the headline figure is rather an outlier than a significant worsening in sentiment among US service providers.