Does manufacturing weakness eventually spill over to services or does the latter save the former?

What did we learn over the past few days? Global manufacturing remains in contraction, particularly in the US. The June S&P Global-Global Manufacturing PMI was 48.8, the lowest of the year and below 50 for the 10th straight month. The June US ISM seen Monday was under 50 for the 8th straight month. The ISM said "The June composite index reading reflects…