SQEW - ISM Services Rebound But Continue To Track Weaker Than Official U.S. Data

2024-02-05 12:55:00 ET

Summary

• The ISM services index has bounced back nicely in January with the headline index at 53.4 versus 50.5 in December.
• The ISM employment index has now rebounded to 50.5, but this is only indicating very modest hiring and leaves the index in line with its 6M average.
• New orders were better, rising to 55.0 from 52.8, while business activity held at 55.8, but again both are only broadly in line with 6M averages.

By James Knightley , Chief International Economist

ISM services rebounds, but contradictions with official data continue

The ISM services index has bounced back nicely in January with the headline index at 53.4 versus 50.5 in December. The consensus was 52.0 with anything above 50 equating to expansion and anything below 50 being a contraction....

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