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Markit’s purchasing manager index for US services printed this morning at just 52.9, well below the consensus forecast of 55. That would suggest a significant weakening of US service activity – except that the older, competing purchasing manager’s survey, by the Institute for Supply Management, shows much stronger growth.

The PMI’s are a diffusion index that measures the percentage of companies reporting greater or less business activity during a given month. It is unclear what prompted the divergence.