Here's your summary from US Services Sector Contracts at Fastest Pace in Four Years (https://www.youtube.com/watch?v=lvpy9bKUFVY) on the Bloomberg Television channel:
**TLDR:** US Services Sector contracts at the fastest pace in four years, leading to a 73% chance of a September rate cut.
1. ISM Services index plunged the most in four years to 48.8, with business activity and production falling to 49.6, indicating contraction.
2. New orders, employment, and inventories all saw declines, with prices paid also falling slightly.
3. The likelihood of a September rate cut has increased to 73% following the release of the ISM Services data, aligning with previous indicators such as jobless claims and ADP reports.
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