US ISM Services PMI

The gold market continues to face solid selling pressure as prices have been unable to break through initial resistance at $4,200, and the precious metal is unlikely to attract renewed bullish momentum as activity in the U.S. services sector remains resilient. The Institute for Supply Management (ISM) announced on Monday that its Services Purchasing Managers Index fell to 54.0 in June after posting a reading of 54.5 in May. The headline figure was broadly in line with consensus forecasts, as economists had expected a reading of ...

US equities extended their rebound as sector rotation continued to broaden. The S&P 500 gained 1.8% and the Dow rose 2.0% to a fresh record, while the tech-heavy Nasdaq 100 lagged at 0.7%, reflecting the cyclical and defensive tilt of the advance. Federal disclosures showing President Trump's personal stock holdings drove sharp moves in Axon which surged 28.4% on renewed attention to a pending ICE Taser contract. Moderna jumped 18.6% after its Science Day outlined plans to expand its mRNA platform into oncology and autoimmune ...

The decline in US nonfarm payrolls (NFP) to 57,000, compared to the expected 114,000, along with a notable downward adjustment of last month’s figures to 129,000 from 172,000, indicates that job growth in the US has slowed and did not increase as much as previously estimated. Surprisingly, the unemployment rate dropped from 4.3 percent to 4.2 percent. The unemployment report paints a mixed picture, clearly suggesting a slowdown in momentum and a weakening in hiring. However, wage growth, coupled with the lower unemployment rate, ...

Higher energy prices continue to push headline inflation up. And we do not expect to see a meaningful reprieve in the food space either, especially following recent headlines about beef prices. Our forecast for core calls for a +0.3% m/m uptick in May, which would nudge the year-over-year pace to 2.9% – well below headline but moving in the wrong direction for the Fed. Higher jet fuel prices will continue to add to core services, while tight labor markets which keep a floor under wage growth are limiting core services disinflation. ...

Another better-than-expected headline figure… this time it was the U.S. ISM Services PMI, which climbed 0.9 pts to 54.5. The gauge has now held in the expansion zone (above 50) for almost two years. Business activity climbed for a second straight month to 57.7, pointing to stronger demand and higher output. Meantime, new orders jumped to 57.3, suggesting future activity remains healthy. Still, beneath the strong headline, there were a few flashpoints. The Employment Index slipped to 47.9, marking the third straight month of ...

The U.S. service sector improved above expectations last month, according to the latest data from the Institute for Supply Management (ISM). The ISM announced on Wednesday morning that its Services Purchasing Managers Index came in at 54.5 in May, up from 53.6 in April. The data was better than expected, as economists were looking for a reading of 53.8. Readings above 50 in such diffusion indexes signify economic growth and vice versa. The farther an indicator is above or below 50, the greater or smaller the rate of change. May was ...