US Services sector surveys showed mixed results. The S&P Global US Services PMI declined to 54.5 in August, a decrease from the previous month. Conversely, the ISM US Services PMI significantly improved, rising to 52.0, exceeding expectations. This ISM figure represented the strongest reading since July. Despite these survey results, "hard data" showed little movement. The ISM report indicated soaring new orders but stagnant employment and a slight decrease in price concerns. Chris Williamson of S&P Global acknowledged the S&P Services PMI was weaker than initially signaled. However, he stated it still represented the second-strongest expansion this year, consistent with solid economic growth. Williamson noted fuller order books led to increased hiring in the services sector. He also observed a return to hiring in manufacturing. Despite strong current growth and hiring, future outlooks are clouded by concerns over government policy and tariffs. Businesses expressed significantly lower optimism due to uncertainty and rising price pressures. Input costs escalated, leading to higher service charges. The data suggests potential downside risks to growth and upside risks to inflation as tariffs impact prices. The market, for now, is more focused on the positive ISM services data.