Analysts at TD Securities note that they expect the US ISM Services PMI to hold steady at 52.7 in August.

"Regional surveys suggest a mixed picture for the ISM services index in August following a modest retreat to 52.7 in the last report. All told, we look for the series to stay unchanged, keeping the index in expansion territory for an additional month in August (TD: 52.7; consensus: 52.5)."

"With that said, if our forecast is realized, the index will remain notably below its average levels pre-pandemic at 55.5 for 2019 and 58.9 for 2018 (the average for 2022 was 56.1). Note that the ISM manufacturing index surprised to the upside last week, rising to 47.6 from 46.4 in July."