US: ISM Services PMI declines to 61.7 in August vs. 61.5 expected

US ISM Services PMI fell modestly in August.
US Dollar Index consolidates every day losses above 92.00.
The financial pastime in the US provider zone persisted to amplify in August, albeit at a softer tempo than it did in July, with the ISM Services PMI declining to 61.7 from the record-high set at 64.1. This studying got here in barely greater than the market expectation of 61.5.

Further important points of the guide printed that the Prices Paid Index declined to 75.4 from 82.3 and the Employment Index stayed absolutely unchanged at 53.7. Finally, the New Orders Index edged decrease to 63.2 from 63.7.

Commenting on the data, “there was once a pullback in the fee of enlargement in the month of August; however, increase stays sturdy for the offerings sector,” referred to Anthony Nieves, Chair of the Institute for Supply Management (ISM) Services Business Survey Committee. “The tight labor market, substances shortages, inflation and logistics problems proceed to reason capability constraints.”

Market reaction
This document does not appear to be having a great influence on the USD’s overall performance in opposition to its rivals. As of writing, the US Dollar Index was once down 0.1% on a every day groundwork at 92.12.

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