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

Employment in June dropped further in the services and non-manufacturing sectors. And this is where the vast majority of Americans are employed — and many of those jobs are well-paid. These two PMIs are two more indicators that contradict the Bureau of Labor Statistics’ off-the-deep-end jobs report last Thursday. The Labor Department had already contradicted it which said that the number of people on state & federal unemployment insurance jumped to 31.5 million in June, the worst ever.

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