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Dramatic Divergence Seen In Dueling US Services Sector Surveys
The US economy isn't in a recession.
Or at least not according to a spate of top-tier data which, together, suggests growth concerns which crescendoed in July when the economy entered a technical downturn following a second consecutive negative GDP print, were premature, if not entirely overblown.
On the heels of a better-than-expected read on ISM manufacturing and another solid jobs report, ISM services printed 56.9 for August, considerably better than forecast (figure below). Consensus expec
Markit (S&P) claims its survey covers small to large companies vs ISM supposedly surveying only large, and is nationally weighted in line with the government data.
Thanks JYL. That’s an interesting distinction.