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Disinflationary Details In ISM Services Miss


The miss on headline ISM services (50.3 vs 52.4 expected) includes unexpectedly disinflationary details (justifying the dovish market response). While the headline index indicates that the Services sector is still expanding, and most subdindices indicate the same, these stood out as painting a less worrying picture on inflation and potentially a more worrying one for growth:

  • The first sub-50 ISM Services Employment reading of the year (49.2)
  • lowest Prices Paid since May 2020 (56.2)
  • and a dip in New Orders (52.9 vs 56.1 prior)

ISM Services SubindicesSource: ISM, BBG, MNI

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