- Prior was 57.3
- Services PMI 58.9 vs 56.0 expected
- Composite PMI 58.5 vs 55.9 prior
These are some good numbers at a time when you wouldn't necessarily expect strength.
The survey noted a "market rise" in new orders and that costs increased at one of the fastest rates on records. On output costs, firms continue to try to pass them on but they slowed slightly. The rate of hiring was the highest since April 2021.
This report is a good forward-looking indicator and it underscores a good economy.