Definition
A monthly survey of purchasing managers at service businesses, scored so above 50 means services are generally growing.
The story
Restaurants, hospitals, banks, airlines, software companies: most Americans work in services, not factories. This survey takes the pulse of that bigger side of the economy, the same way the manufacturing survey does for factories.
Why markets watch it
Services are most of the US economy, so it's a broad early read on growth.
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We explain why it moves markets. What you do with it is your call. Commentary and education only. Not financial advice. All terms