Per the just-released ISM data, the US service sector fell by the most in four years.
At 48.8, down 5 points, the composite measure came well below the consensus forecast, driven by both the activity and order components.
This latest data release is consistent with growing evidence of what I have noted in recent weeks based on partial macro data and companies' earnings calls—that is, the US economy is slowing faster than most expect, including the Federal Reserve.
#economy #markets #federalreserve #growth #econtwitter
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