The ISM Non-Manufacturing Index or Services PMI decreased to 51.8% in October (consensus 53.0%) from 53.6% in September. The dividing line between expansion and contraction is 50.0%, meaning in October services are still in expansion, but at a slower pace than September. October marked the tenth consecutive month of growth for the services sector. The trend tempers hard-landing fears and presumably and have contributed to the Fed’s inclination to implement additional tightening. The easrly release of a slowing jobs market … Continue reading “US ISM Services Sector PMI in October Shows Tenth Consecutive Month of Expansion”
US ISM Services Sector Growth Slows in July with New Orders and Employment Pullback
The ISM Non-Manufacturing Index for July pulled back to 52.7% (consensus 53.0%) versus 53.9% in June. The deceleration in July suggests activity in the services sector lost some steam versus the prior month. Services sector activity continued to expand in July, but at a slower pace than the prior month. The majority of respondents remain cautiously optimistic about business conditions and the economy. Business activity for the services sector, which comprises the largest component of U.S. economic activity, has quickly rebounded … Continue reading “US ISM Services Sector Growth Slows in July with New Orders and Employment Pullback”
US Services Sector Grows at Slowest Pace in Five Month in July – S&P Global PMI
The Flash S&P Global Flash US Services Business Activity Index for July increased to 53.7%, below a consensus 51.5% and just over 52.6% in March. The rate of expansion eased to the slowest for five months. Services firms reported the slowest rise in employment for six months in July, continuing to highlight challenges retaining and attracting staff due to rising wage costs. Some firms also noted a lack of skilled candidates for open vacancies S&P reported. Service providers recorded a marginal … Continue reading “US Services Sector Grows at Slowest Pace in Five Month in July – S&P Global PMI”
US ISM Services Sector PMI Expansion in June Shows Employment Rising While Prices Fall
The ISM Non-Manufacturing Index for June was much higher than expectations at 53.9% (consensus 51.1%), increasing from 50.3% in May. The increase from May underscores the activity in the services sector picking up steam in June. The New Orders Index expanded in June for the sixth consecutive month after contracting in December for the first time since May 2020; rising to 55.5 versus 52.9 expected. The employment index rose to 53.1 versus 49.2 prior and new orders rose to 55.5 … Continue reading “US ISM Services Sector PMI Expansion in June Shows Employment Rising While Prices Fall”
France’s Deepening Economic Decline in Manufacturing and Renewed Reduction in Services
The French economy has flipped int a tailspin after four consecutive monthly expansions according to the latest PMI data for June. Headline HCOB Flash France Composite PMI Output Index slipped from 51.2 to 47.3 to signal the fastest rate of decline since February 2021. Service sector activity showed renewed weakness in June as it also fell into contractionary territory. With ongoing aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of … Continue reading “France’s Deepening Economic Decline in Manufacturing and Renewed Reduction in Services”
US Two Speed Economy, Services Activity Rapid Expansion While Manufacturing Contracts – S&P
The S&P Global Flash PMI report PMI report for May 2023 underscored the strength in the US services sector versus a struggling manufacturing sector. Business activity for the services sector comprises the largest component of U.S. economic activity. The report shows the overall strength of the US economy despite the headwinds. The composite PMI index rose to 54.5 versus 53.5 last month, Services PMI rose 55.1 versus the 52.6 estimate and Manufacturing PMI flash floundered at 48.5 versus 50 expected. … Continue reading “US Two Speed Economy, Services Activity Rapid Expansion While Manufacturing Contracts – S&P”
US ISM Services Sector PMI Expansion in April Supports Soft Landing outlook
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”
European Manufacturing Production Rose First Time Since May 2022
European countries manufacturing PMIs in February remained in contraction (actual 48.5; prior 48.8) S&P Global flash indices show. Manufacturing production increased for the first time since May 2022, though fractionally. We continue to see mostly milder contractions but ongoing contractions, nonetheless. On a separate note, the European Central Bank began reducing holdings in its Asset Purchase Program portfolio today. With ongoing aggressive ECB rate hikes 2023 faces further downside across these metrics that still are not reflecting a fraction of … Continue reading “European Manufacturing Production Rose First Time Since May 2022”