US Services Surveys Plunge... And Soar In July As Prices Paid Spike

Following the significant weakness exhibited by the Manufacturing surveys (and worsening 'hard' data), Services data

• S&P Global US Services PMI ROSEfrom 52.9 to 55.7 in July - the highest since Dec 2024
• ISM Services PMI FELLfrom 50.8 to 50.1 (below expectations) and near the lowest since June 2024

Just ridiculous...

Under the hood the two surveys agreed on weakness in the labor market and soaring inflation.

The employment index dropped to 46.4,contracting for the fourth time in five months and marking one of the lowest readings since the pandemic.

The group's measure of prices paid for materials and services, meanwhile, climbed to 69.9 -- the highest since October 2022.

according to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence

Spot the odd one out...