Daily Commentary BY THE CURVE TEAM –

Daily Insights: Lockdowns Hit Services

24th of August, 2021

Lockdowns hit the Services Sector

  • The AiG Services PMI remained under pressure in August as lockdowns continue.
  • Already under 50, the index slid further indication the decline in activity gathered pace and now sits at  43.3.
  • Manufacturing held up a little better with the index remaining just above 50 indicating expansion in activity.
  • However, given how much services dominated the economy, the composite index also fell further below 50 in August.

US Data holding up a little better

  • The services PMI in the US was also a touch softer in August. However it remains well above the key 50 level.
  • Manufacturing continues to benefit from the rebound in activity and sits above 60.
  • Exisiting home sales also rose in July after a pull back was expected.

David Flanagan

Head of Money Markets