Details of the September 2016 US Markit services flash report 27 September 2016

  • Prior 51.0

  • Employment 51.1 vs 51.9 prior

  • New orders 52.0 vs 52.8 prior

  • Composite 52.0 vs 51.5 prior

  • New orders 51.8 vs 52.8 prior

  • Employment 51.4 vs 51.6 prior (Lowest since June 2012)

That's employment to the lowest since March 2013. Last month it was at the lowest since 2014. That's not a good component to show it's starting to wilt when the Fed are still messing around over a rate hike.

Remember though, although some components are lower, they are still in expansion. The trouble starts if elements start falling into contraction.

US services PMI