US Services Economy Soars To Highest Since April 2015 As Manufacturing Slumps

Wednesday, August 23, 2017
By Paul Martin

by Tyler Durden
Aug 23, 2017

The US Manufacturing economy continues to languish near one-year lows (in line with the collapse in ‘hard data’ in recent months) but US Services are soaring to their highest level since April 2015.

Manufacturing was ugly across the board…

Weaker increases in both output and new orders were key factors weighing on the headline manufacturing PMI in the latest survey period. Production volumes expanded at the slowest rate for 14 months in August, while new business growth weakened from July’s four-month high. Consequently, purchasing activity rose at a softer pace while firms also registered slower increases in inventory levels. Latest data signalled a further pick up in the rate of input price inflation at US goods producers.

But everything is anecdotally awesome in Services-land…

According to anecdotal evidence, strong economic conditions and an improvement in client demand had driven the latest upturn in activity. The latter was highlighted by a sharp and accelerated rise in new business received by services companies, with the rate of new order growth reaching a 25-month high in August. Greater intakes of new work and rising activity levels led firms to hire more staff in August.

The Rest…HERE

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