ISM Services Surprises to the Upside

After a disappointing ISM Manufacturing report on Wednesday, today's ISM Services report came in better than expected (52.6 vs 52.0) and improved from last month's reading of 52.1.  Looking at the internals of this month's report shows that there was an even split between components showing improvement versus those that didn't.  Business Activity was one area of notable strength, increasing from 51.7 last month to 57.2 in July.  Compared to a year ago, however, we are still down, as seven components declined and three improved. Continue reading.

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