It appears the cleanest dirty shirt may need some laundering. For the 4th month in a row, US Services PMI has dropped (hitting 6-month lows) and missing expectations by the most this year. The excuse for this weakness - oh that's easy [5] -"there are clearly many concerns, ranging from worries about the impact of Ebola, the Ukraine crisis, the ongoing plight of the Eurozone , signs of further weakness in emerging markets and the Fed starting to tighten policy."
[6]
As Markit notes, [5]
"in line with the trend for output levels, the rate of new business growth eased to a three-month low in October and was softer than the post-crisis high recorded in June."
"the degree of business confidence was the weakest since July and one of the lowest readings seen over the past two years. Some firms suggested that rising economic uncertainties and signs of softer sales growth in recent months had weighed on their business confidence during October"
"Having signalled an annualised rate of GDP growth of approximately 3.5% in the third quarter, the October readings indicate that the pace of economic growth looks set to moderate in the fourth quarter, down to perhaps 2.5% or less if the PMI falls further in coming months."
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Time for some moar QE4...
