Rate-Hike Odds Rise As US Services Surveys Disappoint: Growth Strong But Inflation Stronger Following the mixed (but strong) Manufacturing survey data for October (ISM up, S&P down), the Services sector survey data this morning more unequivocal.
S&P Global US Services disappointed , falling from 58.8 to 56.1 (and worsening from the flash print of 57.9) ISM US Services also disappointed , falling from 54.9 to 54.5 (below 54.8 exp) The US Composite PMI remained comfortably above the critical 50.0 no-change mark in October to signal another month of private sector output growth - and remains the strongest globally.
However, amid weaker gains in both manufacturing production and service sector activity, the index fell to 55.9, from 58.4 in September – the lowest in three months...