US ISM Services PMI ticked down from 55.2 to 55.1 in February, above expectation of 54.4. Looking at some details, business activity/production dropped from 60.4 to 56.3. New orders rose from 60.4 to 62.6. Employment rose from 50.0 to 54.0. Prices dropped from 67.8 to 65.6.
ISM said: “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for February (55.1 percent) corresponds to a 1.8-percent increase in real gross domestic product (GDP) on an annualized basis.”
