by Wolf Richter
One Purchasing Managers Index said services fell further in June, but more slowly; the other said activity started climbing out of the hole. Both agree: Jobs dropped further.
Two US services Purchasing Managers Indexes (PMIs) were released this morning: The broader non-manufacturing PMI by the Institute of Supply Management, which includes industries that are not typically classified as services – such as agriculture, mining (also oil and gas) and construction – and the Services PMI by IHS-Markit, which is concentrated on the major service sectors. Services are dominated by finance & insurance, healthcare, and information/technology. In the US, services account for roughly 70% of the economy. And the data this morning showed majestic bounces.