Services Surveys Signal Stagflation As Recovery Bounce Peaked In Q2 But Prices Soared
After a mixed picture in Manufacturing surveys in June (PMI marginally higher, ISM marginally lower), and serially down-trending ‘hard’ data, this morning’s Services surveys show a serious and coordinated disappointment as ISM Servceis tumbled from 64.0 to 60.1 and Markit’s PMI dropped from 70.4 to 64.6…