BREAKING: PMIs surprise upward

US, flash PMIs for September.

Manufacturing. Actual: 51.8. Expected: 51.1. Previous: 51.5
Services. Actual: 49.2. Expected: 45.0. Previous: 43.7
The data definitely beat expectations, showing that the core of the economy is still holding up well and in fact better than last time. In turn, the gap between the services PMI and the ISM for services narrowed significantly, meaning that smaller companies were able to improve their views relative to large companies.

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