One more thing on S&P Global PMI service component

I forgot to remind readers in my last note (ht DDM and thanks for reminder), something I’ve pointed out many times before that the S&P Global services PMI DOES NOT include retail and construction (along with wholesale trade and mining). We know those two sectors have been much more mixed depending on one’s customer and what is being constructed (data center or multi family building or EV battery plant). The ISM services index does include these sectors and I’m not sure why S&P Global does not.