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US Services Economy "Momentum Shifts Down A Gear", Slides Back Towards 2015 Lows
August's preliminary Services PMI was slighlty better than expected but dipped from 55.7 to 55.2 - back towards the lowest levels of 2015. Under the surface things do not look great with New Business Volumes at their weakest since January amd Prices Charged tumbling to the lowest level since June 2013. As Markit notes, "underlying momentum within the U.S. economy had shifted down a gear even before the recent global market turmoil and escalating worries about China’s growth outlook gathered on the horizon."
“August data signals a renewed slowdown in U.S. service sector growth, and this comes hot on the heels of a 22-month low recorded by the latest flash Manufacturing PMI survey. Moreover, service providers’ new business volumes expanded at the slowest pace since January, suggesting that underlying momentum within the U.S. economy had shifted down a gear even before the recent global market turmoil and escalating worries about China’s growth outlook gathered on the horizon.
“Job creation nonetheless continued at a solid pace in August, which marked five-and-half years of sustained employment growth across the service economy. Meanwhile, the latest survey highlighted a further slowdown in input cost inflation, as falling fuel prices continued to alleviate pressures on cost burdens. Average prices charged by service sector firms were broadly unchanged in August, thereby ending a 25-month period of rising output prices.”
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Well then you should just Sell Gold and Silver.
It's tuff out there for Hookers....................that is the service Economy they are talking about no?
Short bartenders, Long EBT.
Long drinking at home,alone.
Long drinking in general..
"Short bartenders, Long EBT. "
That sounds like my local !
Everybody, and I do mean everybody, should just quit their jobs and buy stocks.
Everybody's problems solved.
It's not Rocket Surgery.
Just create a swirling shitstorm of money, buying and selling stocks?
No real work done, and all gains are based on nothing but churn?
How's that been working out?
it was the best of times it was the worst of times
Herein lies the reason for the consumers being so confident!
We should not be surprised...revelations concerning Ashley Madison clients has put a damper on the service industry...