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US Services Surveys Signal Surging Prices, Mixed Growth
US Services Surveys Signal Surging Prices, Mixed Growth
Following the dramatically better than expected rise in US Manufacturing PMI surveys, analysts expected stability in the Services side of the economy in May.
They were somewhat correct but the message was mixed with one survey improving while the other deteriorated...
S&P Global US Services PMI dropped from 51.0 (April) to 50.9 (flash May) to 50.7 (final May) - dropping back towards March lows.
ISM US Services PMI rose from 53.6 to 54.5 (better than 53.8 exp)
Source: Bloomberg
Under the hood, both surveys signaled rising prices...
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