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A Small Miss For ISM Services But Prices Paid Highest Since April

US DATA
  • The ISM services saw a small miss in July at 52.7 (cons 53.1) after 53.9, but remains above the 51 averaged through Mar-May.
  • ISM services prices paid rises 2.7pts to 56.8, strongest monthly increase since Sep’21 to take it back to Apr’23 levels.
  • Employment unwinds a large chunk of the June increase, -2.3pts to 50.7 for near the implied no change mark but still holding up much better than the 44.4 in mfg.
  • New orders hold at a relatively healthy 55.0 (-0.5pt), with new export orders in particular at 61.1.
  • The stark comparison with the much larger service sector continuing to be more resilient than a contracting manufacturing sector is clear in the charts below.

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