ISM services
  • Prior was 56.7


  • Business activity 60.9 vs 57.0 expected (prior 59.9)
  • Prices paid 71.5 vs. 72.3 last month
  • Employment 50.2 vs. 49.1 last month
  • New orders 61.8 vs. 59.9 last month
  • Supplier deliveries 54.5 vs. 57.8 last month
  • Inventories 46.2 vs. 45.0 last month
  • Backlog of orders 53.9 vs. 58.3 last month
  • Exports 61.9 vs. 59.5 last month
  • Imports 48.2 vs. 48.0 last month

The S&P Global services PMI plunged in July and August so a divergence is brewing in two surveys that should be tightly correlated. Depending if you're a bull or a a bear, pick your survey. One shows a healthy services sector, the other shows a crash.

This is certainly the more-established survey and it's pushed back up Fed hike odds for 75 bps and the US dollar.

Comments in the report:

Asked about the divergence, Chris Williamson from S&P Global highlighted public admin and utilities in the ISM survey as a potential reason.

Here's a survey comparison.

ISM vs SP Global PMIs