Services Data Disappoints: Suggests “No Signs Of US Economy Moving Up A Gear” In Q3
by Tyler Durden
ZeroHedge.com
Aug 3, 2016
Following Monday’s confusing manufacturing data (PMI up, ISM down), today’s Services economy data suggests growth is just as confused and muted as PMI flatlined from June with activity at its weakest in 5 months and new business slowing down. ISM Services missed expectations (dropping modestly to 55.5 from 56.5) with employment dropping from 52.7 to 51.4 (despite a bump in new orders). But, as Markit concludes, “those looking for signs of the US economy moving up a gear in the third quarter will be disappointed by the PMI readings for July.”
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