Amid collapsing macro data and earnings expectations, Markit's US Services PMI smashed expectations and surged to 59.2 (its highest in 7 months) - just like Markit's Manufacturing PMI 'surprised'. Against the worst payrolls data in over 2 years, Markit's employment index rose by most since June. Furthermore, the business outlook tumbled to 8-month lows. And then following ISM Manufacturing's miss and tumble to near 2-year lows, ISM Services met expectations at its lowest since June... as Business Activity tumbled to one-year lows.
Mass confusion...
Markit PMI "Soft" survey vs "hard" macro data...
[3]
But ISM was more 'sensible' - hovering at its lowest since June
[4]
And business activity tmbled to one-yearlows...
[5]
In summary:
