U.S. business activity speeds up in July amid services sector strength
U.S. business activity sped up in July, as strength in the country’s all-important services sector helped to offset contraction in the manufacturing industry during a time of tariff-driven economic uncertainty.
S&P Global said its flash U.S. Composite PMI Output Index, a tracker of both the manufacturing and services segments, rose to 54.6 this month, up from a prior reading of 52.9. A reading above 50 indicates expansion in the private sector.
The survey’s preliminary manufacturing PMI fell by more than expected 49.5 from 52.9 in June. Economists had forecast the gauge would ease slightly to 52.7.
Its services PMI, however, increased to 55.2 from 52.9, above projections of 53.0.
Source : Investing.com
