US Services PMI dropped from multi-year highs to a still expanding 58.5, 3 month lows and the biggest MoM drop in 6 months. This is the 10th month of expansion in a row but employment growth continues to slow… as opposed to the priced-in escape velocity to the moon alice levels the market expects…
As Markit notes,
Adjusted for seasonal influences, the Markit Flash U.S. Composite PMI Output Index dipped from 60.6 in July to 58.8 in August, its lowest reading for three months.
The composite index is based on original survey data from the Markit U.S. Services PMI and the Markit U.S. Manufacturing PMI. Slower overall output growth largely reflected a moderation in the service sector, as manufacturing production expanded at a similarly sharp pace tothat seen in July.
Meanwhile, latest data pointed to a solid increase in private sector payroll numbers, but the rate of employment growth remained weaker than June’s post-crisis peak.
via Zero Hedge http://ift.tt/YUADDr Tyler Durden