ISM Data Points to a Stronger Than Expected US Service Sector

In the US, ISM Services Index for January surprised to the upside. The PMI came in at 53.4 (prior 50.6), which compares to a Reuters poll showing consensus expectations of 52.0. The Prices Paid, New Orders, and Employment Index also all came in higher than December's print. The upside surprise in the ISM Services Index aligns with how most recent US data releases have surprised to the upside.

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