Heads up for ISM services PMI coming up at 14:00 GMT

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At 14:00 we are expecting the march release of the ISM services PMI.

Markets will be paying additional attention to this one following the upside surprise in the manufacturing data on Monday.

With the last print, majority of measures stayed in expansion, while employment was the only sub-index that remained below 50.

ISM Services PMI

I think markets will be paying particular attention to the prices paid component after the solid jump we had in manufacturing prices.

ISM mfg prices paid

It goes without saying, but when analyzing ISM releases, don’t just focus on the headline number itself.

That usually get the first initial reaction, but markets soon digest the rest of the sub-indexes to get a better sense of how good or how bad the data was.

Make sure to include all of the components into your analysis.