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Employment missed expectations slightly but importantly held onto most of July’s improvement, whilst prices paid and new orders both beat and were at their highest since May.

  • ISM Services: 51.5 (cons 51.4) in Aug after 51.4 in July.
  • The overall reading has only been sub-50 this cycle in June (48.8) and April (49.4). It was last sub-50 in the depths of the pandemic in Apr-May 2020.
  • Employment: 50.2 (cons 50.5) in Aug after rising 5.0pts to 51.1 in July. The 51.1 was the highest since Sep’23 after seven months below 50.
  • Prices paid: 57.3 (cons 56.0) after 57.0. It averaged 59.3 in 2023 and 58.3 in 1H24.
  • New orders: 53.0 (cons 51.9) after 52.4, highest since May as it confirmed the bounce seen in July.
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Employment missed expectations slightly but importantly held onto most of July’s improvement, whilst prices paid and new orders both beat and were at their highest since May.

  • ISM Services: 51.5 (cons 51.4) in Aug after 51.4 in July.
  • The overall reading has only been sub-50 this cycle in June (48.8) and April (49.4). It was last sub-50 in the depths of the pandemic in Apr-May 2020.
  • Employment: 50.2 (cons 50.5) in Aug after rising 5.0pts to 51.1 in July. The 51.1 was the highest since Sep’23 after seven months below 50.
  • Prices paid: 57.3 (cons 56.0) after 57.0. It averaged 59.3 in 2023 and 58.3 in 1H24.
  • New orders: 53.0 (cons 51.9) after 52.4, highest since May as it confirmed the bounce seen in July.