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Services PMI Beats Big But Employment Shows Weakness

Services PMI Beats Big But Employment Shows Weakness
Image by Ann Larie Valentine

ISM and Markit Services data released this morning showed a surge of service demand but a slowing in service employment. This could show service businesses are learning to do more with less in terms of labor costs.

Financial markets are rising almost 2% this morning due to expectations President Trump will soon be released from the hospital and return to work.

Markit Services PMI (Sep) printed at the consensus estimate of 54.6.

Markit PMI Composite (Sep) printed at 54.3 vs 54.4 estimate.

ISM Services New Orders Index (Sep) printed at 61.5 vs 44.7 estimate.

ISM Services PMI (Sep) printed at 57.8 vs 56.3 estimate.

ISM Services Employment Index (Sep) printed at 51.8 vs 58.1 estimate.

ISM Services Prices Paid (Sep) printed at 59 vs 61.1 estimate.

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