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After both ISM and S&P Global Manufacturing Surveys showed continued weakness in July, analysts expected both Services Surveys to show further deterioration also - they were right and wrong.
- S&P Global US Services PMI fell from 52.7 to 47.3 in July (slightly above the flash print of 47.0). The contractionary signal is the lowest since June 2020.
- ISM Services rose from 55.3 to 56.7 in July (well above the 53.5 expected)
While S&P Global sees new orders, activity, and employment all falling, ISM somehow sees them all rebounding in July...
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