ISM Services PMI At 9-Month Low in Feb

US ISM SERVICES PMI 55.3 FEB VS 58.7 JAN

US ISM SERVICES BUSINESS INDEX 55.5 FEB VS 59.9 JAN

US ISM SERVICES EMPLOYMENT INDEX 52.7 FEB VS 55.2 JAN

US ISM SERVICES NEW ORDERS 51.9 FEB VS 61.8 JAN

US ISM SERVICES SUPPLIER DELIVERIES 60.8 FEB VS 57.8 JAN (NSA)

The ISM Services PMI fell by 3.4pt to 55.3 in Feb, coming below market expectations (BBG: 58.7) and marking the lowest level since May 2020. February's drop was broad-based with New Orders recording the largest decline of 9.9pt. Business Activity decreased 4.4pt, while Employment eased by 2.5pt. New Orders and Business Activity both registered a 9-month low. Supplier Deliveries was the only major category to show an uptick in Feb, rising by 3pt. Among all sub-indicators, Exports saw the largest increase, up 10.6pt to 57.6, followed by Inventories which rose 9.7pt to 58.9, its highest level since Jun 2020. Price increased 7.6pt to 71.8, hitting the highest level since Sep 2008, while Order Backlogs ticked up 4.6pt to 55.2. Inventory Sentiment gained 4.6pt and rose to 54.3, while imports edged down 3pt to 50.5.