The brief April bounce in US Services economy has died as PMI slipped back to 51.3 as Markit warns “the service sector reported one of the weakest expansions since the recession.” This weakness was followed by ISM Services which plunged to its lowest since Feb 2014, crushing the hopes of the April bounce. Employment plunged into contraction and New Orders tumbled, with the surveys pointing to GDP growing at an annualised rate of just 0.7-8% in the second quarter.
Bye bye April bounce!!