US ISM Services: Most components moving in the right direction – Wells Fargo – by MSalordFX Macroeconomics Banks UnitedStates
showed the highest reading in four months, after an unexpected increase in August. The underlying details point to services resilience with business activity and new orders notching their highest reading this year, explained analysts at Wells Fargo. They point out that supply challenges are easing, but hiring remains a challenge for employers.“The ISM services index rose 0.2 points in August to 56.9, marking the fastest pace of expansion in the sector in four months.
“Among many crosscurrents in the economy at present, the outlook for services spending is an important one and the latest data suggest continued expansion in the sector. Consumer demand looks to be resilient despite high inflation and rising interestInformation on these pages contains forward-looking statements that involve risks and uncertainties.
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