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Business surveys add to concerns about cooling US growth
More disappointing US data today in the form of the July ISM services index, which fell to 50.1 from 50.8, rather than rise to 51.5 as predicted by the consensus. As with the manufacturing ISM survey from last Friday, this was weaker than anyone surveyed predicted. Employment fell to 46.4 from 47.2, which doesn't bode well for August's jobs report given we already knew the manufacturing employment version dropped to the weakest level since June 2020. If we weight them 90% for services and 10% for manufacturing we see that these readings are historically consistent with non-farm payrolls dropping by more than 100,000. ... (full story)
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Aug 5, 2025 11:30am
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