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After the disaster that was the Manufacturing surveys earlier in the week, the Services surveys are the 'soft landing'-narrative-believers last great hope ahead of tomorrow's all-important payrolls print to save the day.

• S&P Global's Services PMI jumped from its flash print of 55.2 to a final August print of 55.7 (up from the 55.0 in July) – that is the highest since March 2022.

• ISM Services rose from 51.4 to 51.5 (barely beating the 51.4 expectations)

And all that 'soft' data improving as 'hard' data languishes…

Source: Bloomberg

ISM's survey saw new orders improve, employment worsen and prices paid rise…

Commenting on the S&P Gloabl data, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said:

So everything's awesome!? Why cut rates?

But – it;s a big circular joke…

So wait – the survey is soaring because people expect rate cuts… which wont happen if the surveys are too strong? Reflexivity, anyone?

As always, baffle 'em with bullshit is back America! What elese would you expect in an election year.