Services PMI Signals "Strong Likelihood" Of 3rd Straight Quarterly US GDP Contraction

August 3, 2022

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After both ISM and S&P Global Manufacturing Surveys showed continued weakness in July, analysts expected both Services Surveys to show further deterioration also - they were right and wrong.

S&P Global US Services PMI fell from 52.7 to 47.3 in July (slightly above the flash print of 47.0). The contractionary signal is the lowest since June 2020.
ISM Services rose from 55.3 to 56.7 in July (well above the 53.5 expected)

While S&P Global sees new orders, activity, and employment all falling, ISM somehow sees them all rebounding in July...

To read more visit Zero Hedge.

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