The US Service Sector Is Either Collapsing or Booming – Heisenberg Report

Oops. A key gauge of U.S. service sector activity unexpectedly fell into recession territory in June, data released ahead of the July 4 holiday showed. At 48.8, the ISM services headline was nowhere near the consensus. Economists had been looking for 52.5. The June headline was — wait for it — the lowest since May 2020, marking the worst reading for overall U.S. services activity since the original pandemic lockdowns. In (stark) contrast, the final S&P Global services sector reading