SCOREBOARD: US hope

Wall Street moves were light ahead of the presidential election, but data revealed a pillar of optimism for the US economy.

It turns out it was another non-descript session for Wall Street ahead of the election. The data flow was light, but not unimportant, as we had the non-manufacturing ISM survey. Recall that the services sector is about 80 per cent of the economy and the index is at 54.2 from 55.1, but still above the psychologically important 50 mark. Importantly, the jobs index rose almost 4 points to 54.8 suggesting a faster pace of job creation in October. So not bad at all, and I should mention that US retailers are expecting the best Christmas sales since 2007. The contrast between Australian and US business leaders never ceases to amaze me. With all their problems they are so much more upbeat than our guys – despite our much better metrics. It is simply incredible – there are theses galore in that fact.

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