ISM Services Smashes Expectations On Record High New Orders, But Employment And Trade Collapse

ISM Services Smashes Expectations On Record High New Orders, But Employment And Trade Collapse

Tyler Durden

Wed, 08/05/2020 – 10:21

Unlike yesterday when there was a now traditional divergence between the ISM and Markit manufacturing PMIs (the first a big beat, the second a miss), moments ago the Institute of Supply Management and the PMI survey both agreed that in July the Service sector was stronger than expected to wit:

  • Markit Service PMI 50.0, exp. 49.6, last 49.6
  • ISM non-manufacturing 58.1, Exp. 55.0, last 57.1

Looking at the latter which has a far bigger impact on the market, it printed at the highest level since Feb 2019, despite analyst consensus of a modest slowdown in July: