And Now We Have A Services Recession: Markit Services PMI Crashes Into Contraction

Wednesday, February 24, 2016
By Paul Martin

by Tyler Durden
ZeroHedge.com
02/24/2016

Following this week’s ongoing demise of the US manufacturing sector, tumbling to its weakest since October 2012, Markit US Services PMI collapsed into contraction at 49.8, massively below expectations of 53.5. This is the weakest level for the last pillar standing in the US recovery since the government shutdown in 2013, and as Markit even admits, “slumping business confidence and an increased downturn in order book backlogs suggest there‚Äôs worse to come.”

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