September 6, 2016 – The US services industry expanded at its slowest pace in more than six years, causing the US dollar to fall as rate rise bets eased dramatically.
The Institute for Supply Management’s non-manufacturing index fell to 51.4 – the lowest level since February 2010.
IG market analyst Angus Nicholson said the result pretty much wipes out any chance of a US rate rise this month.
“While it’s all fun and games to see highly respected analysts’ calls for September rate hikes get roundly pummelled by the data, the turn in the data is actually very concerning,” he wrote in a note.
“These sorts of unanimous collapses in the manufacturing and non-manufacturing ISM PMIs rarely occur and often bode serious ill for the US economy.”
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