Afternoon Coffee: ISM PMI down again; Coupa reports Q3 earnings; Deloitte’s holiday economic forecast looks bullish

Deloitte's annual holiday economic forecast has estimated that holiday retail sales will go up 4.5 percent to 5 percent this year, according to a Supply Chain Management Review article. Its 34th annual holiday retail survey findings corroborate this forecast. Consumers seem bullish about the economy this year and their household financial situation, as reflected in their spending plans for the coming holiday season.

Coupa’s Q3 revenue up 51% year-over-year

Coupa Software Inc. has reported a 51 percent increase in revenues to US $101.8 million in the third quarter, according to the press release, surpassing analysts’ estimates. Calculated billings at $105.4 million were up 54 percent year-over-year. Subscription revenue grew 49 percent year-over-year to $90.2 million.

“We're excited about the continued development of the BSM [Business Spend Management] category, our Coupa community, and Coupa as a global brand," said Rob Bernshteyn, Coupa Chairman and CEO, as quoted in the press release.

ISM Manufacturing Index at 48.1 in November, down from 48.3 in October

For the fourth consecutive month, the November manufacturing output remained below par. According to data issued by the Institute for Supply Management (ISM), in its Manufacturing Report on Business, the key metric, the PMI, slipped 0.2 percent to 48.1 in December (a reading of 50 or higher indicates growth). This  follows readings of 49.1, 47.8, and 48.3, in August, September, and October, respectively. The November PMI marks the fourth consecutive month the PMI has come in below 50, reports CNBC.

France, EU ready to retaliate with counter-duties

If President Donald Trump had carried out his threat of imposing duties on French imports, France and the European Union were ready to retaliate, according to the French government, reports Reuters. Trump had said the U.S. may impose duties of up to 100 percent on $2.4 billion in imports of champagne, handbags and other French products.

America: Brace for French fries shortage

Domestic potato output may drop 6.1 percent this year, the lowest in 9 years, according to the U.S. Department of Agriculture, reports Bloomberg. Which means: a shortage of French fries.

Cold weather and the impact of Hurricane Dorian have damaged potato crops in the United States and Canada. It means smaller spuds and pressure on supplies for French fry processors, because French fry makers tend to use longer potatoes.

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