Surging US Services Sector Masks Troubling Jobs Decline

August saw a significant boost in both activity and new business for the US services sector, as reflected by the latest S&P Services PMI, which came in at 55.7, outperforming expectations of 55.1. While this signals continued growth, the employment picture tells a different story.

For the first time in three months, the sector experienced a dip in staffing levels. Although the decrease was slight, it highlights a potential challenge for the broader economy, raising questions about sustainability in hiring amidst an otherwise upbeat business environment.

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