US Services Sector Heats Back Up, Defying Recession Narrative
Shelve the recession narratives: The linchpin of US economic growth held strong in May.
A run of relatively cool first- and second-tier data releases out of the world's largest economy was interrupted on Wednesday by a robust read on a key gauge of services sector activity.
At 53.8, the ISM print was easily ahead of consensus (51) and represented a convincing return to expansion territory after a fleeting dip below the demarcation line the prior month.
The final read on S&P Global's ser
As noted before, signal-to-noise ratio of macro data leaves something to be desired and chasing MOM wiggles is pointless for most of us. Broadly speaking, it seems like i) employment is slowing/softening to current “still strong”, ii) economic activity is slowing to current “low growth” range, iii) inflation using core PCE is slowly easing to current “one point above target” trend. Seems like the definition of “soft landing”?
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