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  • Aug 5, 2025, 9:00 PM

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    Steve Miller, chair of the ISM Services Business Survey Committee, spoke of the “resilience” of the US #services sector, but said there is “no question” that “tariffs are raising prices-paid, a potential driver of future #inflation.”

    He also said, “Our contraction readings…indicate that the BLS numbers will continue to be weak through the rest of the summer.”

    (Keep that in mind as Trump’s gov’t comes out w/ future economic numbers)

    #USA #USeconomy #economics #trump #tariffs #MyThoughts

    The ISM services employment gauge has now contracted for two straight months, and four times over the past five months.
The contraction in the employment index doesn't appear to be coming from layoffs but from a slowdown in hiring activity and providers not backfilling open positions, Miller said.

https://www.bloomberg.com/news/articles/2025-08-05/us-service-activity-nearly-stagnates-as-employment-contracts

Accessed: 5 August 2025 at 1530 CST
    The Bureau of Labor Statistics' downward revision of its May and June jobs numbers make more sense given the
ISM employment results, Miller also said.
"Our contraction readings in June and July indicate that the BLS numbers will continue to be weak through the rest of the summer," he said.

https://www.bloomberg.com/news/articles/2025-08-05/us-service-activity-nearly-stagnates-as-employment-contracts

Accessed: 5 August 2025 at 1530 CST
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