The ISM Non-Manufacturing Index for April increased to 51.9% (consensus 51.9%) from 51.2% in March. The US services sector expanded in February for the fourth consecutive month. Business activity for the services sector, which comprises the largest component of U.S. economic activity, has quickly rebounded into growth mode after contracting for the first time since May 2020 in December. The majority of respondents are mostly positive about business conditions, yet some see headwinds related to inflation and an economic slowdown. This is … Continue reading “US ISM Services Sector PMI Expansion in April Supports Soft Landing outlook”
US Services Sector Business Confidence & Output Growth Accelerates – S&P Global PMI
The Flash S&P Global Flash US Services Business Activity Index for April increased to 53.7%, ahead of a consensus 51.5% and just over 52.6% in March. The US services sector business confidence was the 2nd highest in a year. The upturn in output at service providers was the quickest for a year and solid overall, as greater employment and stronger demand supported the increase S&P said. New business grew for the second successive month in April, as the rate of expansion … Continue reading “US Services Sector Business Confidence & Output Growth Accelerates – S&P Global PMI”
US Services Sector PMI Continues Return To Expansion in February – ISM
The ISM Non-Manufacturing Index for February increased to 55.1%, ahead of a consensus 54.5% and just under 55.2% in January. The US services sector expanded in February for the second consecutive month. Business activity for the services sector, which comprises the largest component of U.S. economic activity, has quickly rebounded into growth mode after contracting for the first time since May 2020 in December. The sector has grown in 32 of the last 33 months, with the lone contraction in December. This … Continue reading “US Services Sector PMI Continues Return To Expansion in February – ISM”
US Services Sector Rebounded Sharply from Contraction in January – ISM
The ISM Non-Manufacturing Index for November increased to 55.2%, well ahead of a consensus 50.3% and up from 49.6% in December. Business activity for the services sector, which comprises the largest component of U.S. economic activity, quickly rebounded into growth mode after contracting for the first time since May 2020 in December. This is supportive for the soft-landing scenario. The report follows the blowout January jobs report also released Friday indicating the economy is still hotter than the Federal Reserve would … Continue reading “US Services Sector Rebounded Sharply from Contraction in January – ISM”
Employment Costs Moderate in Q4 as Fed Meets on Rates
Employment costs moderated at the end of 2022 back to levels that are still historically strong, according to the employment-cost index (ECI). Private and total workers saw compensation rise 1% in Q4 (seasonally adjusted), and 5.1% on the year. This followed a 1.2% increase for September quarter. Benefit costs increased 0.8% (versus 1.0% prior). Fed officials have said they pay close attention to the employment-cost index, seeing it as a comprehensive measure of wage growth. Wages and salaries account for … Continue reading “Employment Costs Moderate in Q4 as Fed Meets on Rates”
Bitcoin Falls 65% in 2022 Failing to Live Up to the Store of Wealth Billing
Leading cryptocurrency Bitcoin in 2022 failed to live up to its desired purpose esposed by its proponents as being a safe asset that only went up and was disconnected from fiat currencies. In 2022 Bitcoin dropped 65%, Solana collapsed 94%, Cardano 81% and Ethereum lost 68%. BTC was hovering around $16,500 on December 30, well below its all-time high of nearly $70,000 hit in November 2021. The fall coincided with the rise in interest rates and the strength of the … Continue reading “Bitcoin Falls 65% in 2022 Failing to Live Up to the Store of Wealth Billing”
US Services Business Activity Accelerated in November, ISM Non-Manufacturing Shows
The ISM Non-Manufacturing Index for November increased to 56.5%, well ahead of a consensus 53.5% and up from 54.4% in October. The report follows the strong November jobs report released Friday indicating the economy is still hotter than the Federal Reserve would like at this time. Business activity for the non-manufacturing sector, which comprises the largest percentage of U.S. economic activity, strengthened in November, aiding the view that the Fed will keep rates higher for longer. The November reading marks the … Continue reading “US Services Business Activity Accelerated in November, ISM Non-Manufacturing Shows”
US Service Sector Resilient in September ISM Shows as Price Pressures Ease
The ISM Non-Manufacturing Index for September pulled back to 56.7% (consensus 56.0%) from 56.9% in August. Employment surged as prices paid by businesses for inputs fell to more than a 1-1/2-year low, suggesting an underlying strength in the economy despite rising interest rates. Businesses continued to wrestle with pricing pressures, supply chain issues, and labor supply constraints. New orders received by services businesses slipped to 60.6 from 61.8 in August. Businesses, however, reported a rise in exports. The 12-month average … Continue reading “US Service Sector Resilient in September ISM Shows as Price Pressures Ease”
ISM US Non-Manufacturing Activity Rose in August
The ISM Non-Manufacturing Index for August rose to 56.9% (consensus 55.2%) from 56.7% in July. Businesses continue to wrestle with pricing pressures, supply chain issues, and labor supply constraints. The services sector accelerated slightly in August at the same time there was a deceleration in the pace of price increases. The acceleration in overall activity suggests Federal Reserve will continue to raise its policy rate and will not move quickly to pivot to a rate-cut cycle. The dividing line between expansion … Continue reading “ISM US Non-Manufacturing Activity Rose in August”
Market Savages Unity Software Merger with App-Monetization Platform Provider ironSource
Unity Software has agreed to an all-stock merger deal, valuing ironSource at roughly $4.4 bln, a 74% premium to the 30-day average exchange ratio, ironSource $IS was up 51% from the previous day close, though still trades around 75% below record highs set in September. Unity is trading at 8x forward sales, the company operates in priced-to-perfection territory given the current rising-rate environment. The market took harshly to the deal knocking $U down -17% to near the all-time lows seen … Continue reading “Market Savages Unity Software Merger with App-Monetization Platform Provider ironSource”