A Word About that Historic Bounce in US Services PMIs: No, the Service Sector Didn’t Hit New Highs. It Stopped Plunging

Two US services Purchasing Managers Indexes  were released this morning: The broader non-manufacturing PMI by the Institute of Supply Management, which includes industries that are not typically classified as services – such as agriculture, mining (also oil and gas) and construction – and the Services PMI by IHS-Markit, which is concentrated on the major service sectors.