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Hardy: My US services concerns
The US service sector is something of a worry for Saxo Bank's Head of Forex Strategy, John Hardy. While manufacturing figures indicate fairly robust progress, the ISM non manufacturing numbers are a little concerning. We get figures for December later on Monday.
John says we hit a five month low in December and it's a "real concern" as the service sector represents the dominant part of the US economy. He says if the survey isn't showing better signs of traction it suggests the US recovery is still slow. John's said for some time that we could see some weak data points throughout the coming months which make predicting future Fed policy more complicated.
01:05 minutes
Tags: america, american economy, data, december, economy, fed, fomc, ism, john hardy, news, non-manufacturing, policy, progress, saxo tv, service sector, services, survey, tapering, tradingfloor.com, us, us economy