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ISM Services Still Seeing Covid-19 Impact

DATA REACT
  • Service index slightly softer than expected, falling from 57.1 to 55.9 (cons 56.5).
  • Prices: index drops from the all-time high of 84.6 in Apr to 82.1 in May.
  • Employment: opposite report to that seen in manufacturing survey on Wed, nudging higher from 49.5 to 50.2.
  • Presser summary: “COVID-19 continues to disrupt the services sector, as well as the war in Ukraine. Labor is still a big issue, and prices continue to increase.”
  • Growth: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for May (55.9 percent) corresponds to a 2.1-percent increase in real gross domestic product (GDP) on an annualized basis.”
  • Front-end Tsys cheapen very slightly despite the small miss and the price index cooling, perhaps because it's not cooling at a fast enough pace whilst employment also firmed marginally and Covid-19 is still noted as disrupting the service sector.
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