ISM Says Service Sectors Strengthens, the S&P Says Sharpest Contraction Since 2020 – Mish Talk

ISM table and synopsis by permission

ISM table and synopsis by permission

Please consider the Services ISM® Report On Business®for August 2022.

“According to the Services PMI®, 14 industries reported growth. The composite index indicated growth for the 27th consecutive month after a two-month contraction in April and May 2020. Growth continues — at a slightly faster rate — for the services sector, which has expanded for all but two of the last 151 months. The services sector had a slight uptick in growth for the month of August due to increases in business activity, new orders and employment. Based on comments from Business Survey Committee respondents, there are some supply chain, logistics and cost improvements; however, material shortages remain a challenge. Employment improved slightly despite a restricted labor market.”

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