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Wednesday, July 6, 2022

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ISM Services Slumps To Weakest Since May 2020

Courtesy of ZeroHedge View original post here.

After a disastrous collapse in US macro data in May (and despite a surprising – though small – rise in ISM Manufacturing survey), May's ISM Services fell more than expected from 57.1 to 55.9 (lower than the 56.5 expected)…

Source: Bloomberg

The ISM Services Index has not been weaker than this since May 2020.

Under the hood, most sub-components are weaker (but jobs rebounded very modestly)…

Prices are up… for almost everything…

And everything's in short supply…

Most respondents continue to complain about the supply chain disruptions and extended lead-times…

Is this just the kind of bad news the stock market has been looking for?

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