• Business activity 60.9 vs 57.0 expected (prior 59.9)
  • Prices paid 71.5 vs. 72.3 last month
  • Employment 50.2 vs. 49.1 last month
  • New orders 61.8 vs. 59.9 last month
  • Supplier deliveries vs. 57.8 last month
  • Inventories vs. 45.0 last month
  • Backlog of orders vs. 58.3 last month
  • Exports vs. 59.5 last month
  • Imports vs. 48.0 last month

The S&P Global services PMI plunged in July and August so a divergence is brewing in two surveys that should be tightly correlated. Depending if you’re a bull or a a bear, pick your survey. One shows a healthy services sector, the other shows a crash.

Comments in the report: