Slower deliveries are propping up the #US services #PMI . That's worth checking before treating the headline as a clean read on demand.
October's headline eased to 54.5. But supplier deliveries rose from 53.2 to 56.7: that component rises when deliveries slow, and counts positively in the composite.
Meanwhile, new orders fell from 59.8 to 55.9. Prices paid stayed high at 73.0. Softer orders, stubborn costs.
For $BTC , this isn't a clean “weaker growth means easier policy” setup. A rally can coexist with an awkward inflation backdrop. Friday's payrolls are the next test of the weaker-growth reading.
October's headline eased to 54.5. But supplier deliveries rose from 53.2 to 56.7: that component rises when deliveries slow, and counts positively in the composite.
Meanwhile, new orders fell from 59.8 to 55.9. Prices paid stayed high at 73.0. Softer orders, stubborn costs.
For $BTC , this isn't a clean “weaker growth means easier policy” setup. A rally can coexist with an awkward inflation backdrop. Friday's payrolls are the next test of the weaker-growth reading.
