Once Mighty US Services Sector Held Up During Winter COVID Surge, Irrelevant Numbers Suggest

Once Mighty US Services Sector Held Up During Winter COVID Surge, Irrelevant Numbers Suggest

Miraculously, ISM services managed to print a solid upside surprise for December. I say "miraculously" -- it's hard to know what's surprising and what isn't these days. The services sector is obviously vulnerable in any scenario where COVID-19 reasserts itself, which is clearly the case in the US, where the dreaded "winter wave" didn't just materialize, it came in the form of a tsunami. But, according to ISM, services sector activity was more robust last month than it was in November. The head
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