Free Trial

ISM Services Surprisingly Resilient

US DATA
  • Overall index dips from 56.9 to 56.7 (cons 56.0) in contrast to Monday’s more pronounced slowdown in manufacturing activity (-1.9pts to 50.9).
  • Mfg does tend to lead services ahead of slowdowns but the report more strongly pushes back on recession fears for now.
  • Employment of 53.0 is the highest since March and sees a further recovery off Jun-Jul contractions whilst prices paid are technically the lowest since Jan’21 but it’s a slow decline, easing from 71.5 to 68.7 vs 2019 av of 57.5.
  • Tsys see a sizeable further cheapening, led by 5Y and 10Y of the major benchmarks for +14bps on the day.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.