Flash estimates for August services and manufacturing PMIs
- Prior was 53.3
- Services 56.9 vs 55.0 expected
- Prior services 54.7
- Composite 56.0 vs 54.6 prior
Miss on manufacturing but a good beat on services. The services reading is the best since April 2015.
More details:
- Services new business 57.3 vs 56.6 prior
- Services prices charged 54.6 vs 53.0 prior -- highest since Sept 2014
These are great numbers but the market (and the Fed) has grown weary of survey data because gains haven't translated into better economic growth or investment.
