Economy

US business surveys send mixed signals

The ISM services index fell to 54.9, below the 55.2 expected, while S&P Global's composite index hit 58.4 — the fastest growth in overall business activity in more than five years.

In the ISM survey, the employment component rose to 50.1 from 47.8, while new export orders fell to 46.9 from 56.3. S&P Global's services PMI came in at 58.8, the strongest business activity growth since July 2021.

For beginners A PMI is a business activity index based on surveys of purchasing managers: a reading above 50 signals expansion, below 50 signals contraction. Different survey methodologies can produce diverging signals about the same economy.