Weak services data raises triple-dip risk The services PMI completed the series and followed poor manufacturing and construction readings, both of which indicated contraction. Alan Clarke at Scotiabank calculated that the composite index for all three was below 50, suggesting the economy had shrunk in the month. "The relationship between the monthly services data and CIPS services isn't super-tight, but it gives a guide to the likely underlying pace - roughly zero," he said. We could be on track for another contraction in output during the fourth quarter. Ultimately, we suspect that growth will stay the right side of zero. Steven Bryce at Credit Suisse remained more phlegmatic. He pointed out that the employment index was improved at 49.2, suggesting fewer jobs will be cut, and that new orders remained strong. "To some extent, this data point is therefore consistent with a story of weak current demand, but a tentative sign of upside in future orders," Mr Bryce said.