美国消费者处于边缘状态：合十礼-希望你度过了愉快的周末。

May-97Jul-98Sep-99Nov-00Jan-02Mar-03May-04Jul-05Sep-06Nov-07Jan-09Mar-10May-11Jul-12Sep-13Nov-14University of Michigan: Current Economic ConditionsRestricted - External Jan-16 980000011Mar-17May-18Jul-19Sep-20Nov-21Jan-23Mar-24May-25 U.S. Business & Professional ServicesNEUTRALU.S. Business & Professional ServicesManav Patnaik+1 212 526 2983manav.patnaik@barclays.comBCI, USRonan Kennedy, CPA+1 212 526 2912ronan.kennedy@barclays.comBCI, USBrendan Popson+1 212 526 4009brendan.popson@barclays.comBCI, USPrincy Thomas+1 212 526 2460princy.thomas@barclays.comBCI, US Upcoming Events Relevant to BIPSConferences & Events (Save the Dates)•September 3-4, 2025: BIPS Credit Bureau Day (Virtual)- A unique opportunity to hear from•senior group and divisional management of all the major Credit Bureaus.•September 8-10, 2025: (24thAnnual) Global Financial Services Conference (New York)–•Most of our Financial Information Services coverage typically attend (CRAs, CBs and more).•December 10-11, 2025:(23rd Annual) Global Technology Conference (San Francisco)– A•year-end check-up on many of our tech-focused names.•February 17-19, 2026:Industrial Select Conference (Miami Beach)– A great check-up on•our industrial services names to start the year.BIPS Reference Material•Marketing Posters:1) Information Services (June 2024); 2) Business Services (May 2025); 3)•SPGI-INFOgraphic (January 2023); 4) VRSK-Infographic (March 2023); and 5) EcoLabInfographic (May 2024)•Analyst Homepage:https://live.barcap.com/go/research/analyst/LB01825• 2 Calendar of EventsFIGURE 2. June EventsSource: BEA, BLS, Census Bureau, Conference Board, Federal Reserve, FHFA, FRB of New York, FRB of Philadelphia, University of Michigan, US Treasury, ADP, NAHB, S&P, ISM, National Association of Realtors, MNI Chicago Report, Barclays Research27 May 2025 2025 BIPS ReportsMay 2025•BIPS of Info: Consumer remains healthy (so far), Manav Patnaik, 05/23/25••BIPS of Info: Postcard from London, Manav Patnaik, 05/09/25••BIPS of Info: Hurry up & wait...(for London ASC next week!), Manav Patnaik, 05/02/25•April 2025•BIPS of Info Activist Screen Update post Barclays' Event Driven Summit..., Manav Patnaik,•04/25/25•BIPS of Info: Read-throughs from EFX (for TRU/FICO); MCO (SPGI) and MSCI (SPGI/FDS), Manav•Patnaik, 04/23/25•BIPS of Info Impacts fromtariffsconfirmed by MAN (demand) & ECL (costs), Manav Patnaik,•4/17/25•BIPS of Info Feedback from the road..., Manav Patnaik, 4/11/25••BIPS of Business Services: ROL, ECL (& CTAS) = Quality/Own; Rest, not yet, Manav Patnaik,•04/04/25•BIPS of Uniforms: CTAS the only real choice (OW) in Uniforms; Move UNF to UW, alongside•VSTS, Manav Patnaik, 04/04/25•BIPS of Info: Only a few places to hide right now (but stay patient), Manav Patnaik, 04/04/25••BIPS of Info BONUS: Credit Bureau recession sensitivity redux, Manav Patnaik, 04/04/25•March 2025•BIPS of Info: CLVT SOTP update & other read-throughs post DNB deal, Manav Patnaik,•03/28/25•BIPS of Info: Up next in Uniforms, Manav Patnaik, 3/21/25••BIPS of Info: What Current Valuation Levels Tell Us, Manav Patnaik, 03/14/25••BIPS of Info: Incremental tidbits from this week, Manav Patnaik, 3/7/2025•February 2025•BIPS of Info: Relevant read-throughs, given Recession concerns, Manav Patnaik, 02/28/25••BIPS of Info: Miami with CTAS, ECL, ROL (+ WSC/eps & more), Manav Patnaik, 2/21/25••BIPS of Info: Credit Bureau thoughtsafterC-team meetings..., Manav Patnaik, 2/14/25••BIPS of InfoTariffImpacts & Exposures, Manav Patnaik, 2/7/25•January 2025•BIPS more of AI: Biz Services Impacts from DeepSeek, Manav Patnaik, 01/31/25••BIPS of Info: 'DeepSeeking' clear GenAI updates from our management teams, Manav•Patnaik, 01/31/25•BIPS of Info Strong HF Outlook & other mixed data for Fin Info (Traditional AM +/-, ESG more•-ve), Manav Patnaik, 1/24/25•BIPS of Info: ECL, WSC, & ROL previews..., Manav Patnaik, 01/17/25••BIPS of Info: TRI's year to execute; IT (u/g to OW) > VRSK (d/g to EW); CLVT & DNB pending•strategic reviews/plans, Manav Patnaik, 1/10/25•BIPS of Info: Our 1H'25 Employment playbook, Manav Patnaik, 01/03/25• 5 2024 BIPS ReportsDecember 2024•BIPS of Info: Revisiting 2024's most-read notes, Manav Patnaik, 12/27/24••BIPS of Info: A peek into 2025 from CTAS, FDS, ACN & PAYX calls yesterday, Manav Patnaik,•12/20/24•BIPS of Info: Life in Business Services (too), Manav Patnaik, 12/13/24••BIPS of Info: Postcard from Europe, Manav Patnaik, 12/6/24•November 2024•BIPS of Info: Early 2025 preferred Business Services 'routes' to take, Manav Patnaik, 11/29/24••BIPS of Info: Early 2025 look - What certainty? 6 places to park in Information Services, Manav•Patnaik, 11/22/24•BIPS of Info: Activist Screen Update - WSC & FDS (new); BFAM & CLVT (remain on top); SPGI &•VSTS (still waiting), Manav Patnaik, 11/15/24•BIPS of Info: Under a Trump administration..., Manav Patnaik, 11/08/24••BIPS of Info: Election > EPS, Manav Patnaik, 11/01/24•October 2024•BIPS of Info: Must-Read EPS read-throughs, Manav Patnaik, 10/25/24••B