Sluggish services sector growth points to economic slowdown
The Boston Globe, 05-Jan-2007
"Growth has slowed, but it hasn't collapsed," said Jim O'Sullivan, senior economist at UBS Securities LLC in Stamford, Conn.
The nonmanufacturing index was expected to fall to 57, the median forecast in a Bloomberg News survey of 61 economists. Estimates ranged from 54 to 60.
The Treasury's benchmark 10-year note rose almost a half point, pushing the yield down to 4.60 percent at 5:05 p.m. yesterday in New York.
The National Association of Realtors reported yesterday that contracts to buy previously owned homes fell 0.5 percent in November after a 1.5 percent decline the prior month. Economists had forecast a 0.7 percent increase, according to the median estimate in a Bloomberg survey.