Services PMI shockingly weak

Friday, 7 August 2020

Despite the reopening, services activity is still falling. This is a grim sign from AIG:

Check this out:

I find this report hard to believe. The reopening should have lifted activity in services more than this. Given there are a few N/As one wonders if AIG is adjusting it correctly.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.