While the US PMI (by S&P Global) is still rising, the ISM (Institute for Supply Management) services index fell in May. The chart below shows the averages of the services and manufacturing surveys after extreme adjustment, as well as the average of the PMI and ISM surveys. The thick pink line is the one to follow. My forecast is that the PMI services will peak soon, and this average will start to fall again.
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| Click on chart to see a clearer image |
The chart below shows just the services ISM/PMI surveys. Again, extreme-adjusted before averaging.
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| Click on chart to see a clearer image |
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