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Service PMI Sees Minimal Revision But Fastest Rate Of Job Creation Since Aug

US DATA
  • A minimal downward revision for the final April S&P Global US Service PMI, holding onto its at-the-time surprise increase from 52.6 to 53.6 (initial 53.7) for what is still the highest since Apr’22.
  • Notable ahead of payrolls on Friday: “Stronger demand conditions put pressure on capacity as backlogs of work rose again, spurring a quicker increase in employment. The rate of job creation was the fastest since last August.”
  • “Concurrently, inflationary pressures regained momentum. Service sector input costs rose at the steepest rate for three months, while the increase in selling prices quickened to the fastest since August 2022.” More details here.
  • The upcoming ISM Services remains key though.

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