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Services Surveys Indicate “Modest Pace Of Economic Growth” So Far In Q2 As New Orders Tumble

zerohedge.com / by Tyler Durden / Jun 5, 2017

Despite disappointing expectations, May Final Services PMI rose for the second month in a row with job creation and new orders accelerating, but as Markit notes, “the PMI surveys for manufacturing and services collectively indicate only a modest pace of economic growth so far in the second quarter.” While PMI popped a little, ISM also disappointed and fell back from its April rebound, with a big drop in prices paid and new orders (but  surge in employment).

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The full ISM breakdown shows 6 categories declined: new orders, business activity/production; deliveries; prices; export orders, imports; and 4 categories rose: employment, inventories, backlogs, inventory sentiment

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