The headline is a disappointment but that tick higher in new orders should help to moderate the reaction.
Commentary in the report:
"New residential home sales have slowed
significantly. Tariff delay has slowed material cost increases, but all
indications are that January will bring price increases." (Construction)
"Economy still chugging along, despite the
rise in interest rates and relentless political claptrap. Mid-winter
[activity] appears to be helping a variety of sectors, including
agriculture and construction." (Finance & Insurance)
"Overall, our year-end outlook is positive.
We are already receiving converted RFPs to orders for 2019. Based on the
uncertainty of the tariffs, we have advised our clients to make
purchases early in first quarter 2019, if possible, to save money. There
is concern in our industry regarding the full year due to tariffs,
unless a deal can be reconciled with China. We expect lower profit
margins and reduced sales for 2019 until our suppliers can source
product from other countries, which may not be until late [in the
year]." (Management of Companies & Support Services)
"Business is still on an uptrend. Receiving
more inquiries for training going into new year." (Professional,
Scientific & Technical Services)
"Steady demand and supply. Finding qualified employees is a challenge." (Public Administration)
"Business is exceeding expectations. 2019 should equate or exceed 2018." (Real Estate, Rental & Leasing)
"Business is very good. Strong demand and pipeline." (Retail Trade)
"The end of the year continues to be busy, with high load factor." (Transportation & Warehousing)
"Overall, the industry looks to have a
pullback year in demand for 2019. Several factors are contributing to
this: stock market retraction, tariffs, trade dispute with China, higher
mortgage rates, higher home prices, stagnant wage growth, labor
shortages and higher material costs." (Wholesale Trade)