While the Flash Manufacturing PMI came in lower than expected at 48,5 (50,0 expected), the Flash Service PMI came in once again higher than expected at 55,1 (52,6 expected)
Prometheus Research shared this overview with us that highlights that the Service sector continues to hold this economy up.
The majority of service businesses continue to stay in the growing territory - this needs to change before we actually see a recession in the service sector as well. Keep in mind that the Manufacturing sector in the US accounts for “only” 11% of GDP!
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