The ISM Services PMI in the United States increased to 51.4% in July, up from 48.8% in June, indicating sector expansion according to the latest ISM report. This marks the 47th expansion in 50 months.
Key highlights include the Business Activity Index rising to 54.5%, the New Orders Index increasing to 52.4%, and the Employment Index improving to 51.1%. Steve Miller, Chair of the ISM Services Business Survey Committee, noted that despite increased costs and election-related uncertainties, the sector showed resilience with overall positive business activity.
Market Reaction
The data reflects a mixed sentiment among businesses, with some sectors experiencing growth while others face challenges. The services sector's overall positive performance is a sign of resilience amid ongoing economic uncertainties.
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