US ISM services report for July came in 51.4 vs 51 exp. and 48,8 previously
- US ISM Services Prices Paid Actual 57 (Forecast 55.1, Previous 56.3)
- US ISM Services Employment Actual 51.1 (Forecast 46.4, Previous 46.1)
- US ISM Services New Orders Actual 52.4 (Forecast 49.8, Previous 47.3)
The US data mix signals that US manufacturing is cooling in the fastest pace than services. Recession fears weakened after ISM July report. Wall Street indices trim early loses. According to S&P PMI data US employment increased for the second month running, albeit modestly and to a lesser extent than in June.
- Also, S&P chief Economist Williamson told that the PMI surveys bring encouraging news of a welcome combination of solid economic growth and cooler selling price inflation in July. US PMI reading, published 15 minutes before ISM report, came in 55 vs 56 exp. in line with 56 in June.
- On the other hand, much higher than expected prices index (57 points) in ISM report today, signal some persisting inflation risk and if the economy weakens it's definitely not the good sign for markets. The Federal Reserve still has some arguments to avoid any 'emerging cuts'
Source: xStation5
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