US ISM Services PMI dropped -3.4 pts to 55.3 in February, well below expectation of 58.7. Business activity/production dropped -4.4 to 55.5. New orders dropped -9.9 to 41.9. Employment also dropped -2.5 to 52.7. But prices jumped 7.6 to 71.8.
ISM said, “the past relationship between the Services PMI and the overall economy indicates that the Services PMI for February (55.3 percent) corresponds to a 2.2 -percent increase in real gross domestic product (GDP) on an annualized basis.”
