US service sector activity further expands in July
The service sector business activity in the United States recorded the smallest expansion since February, according to a report published by IHS Markit on Wednesday.
The seasonally adjusted final Services PMI Business Activity Index declined to 59.9 in July, marking another upturn in business activity despite landing at a five-month low. However, the release noted that inflationary pressures in the US eased but still remained “historically strong.”
At the same time, the Composite PMI Output Index decreased to 59.9 at the start of the third quarter. “Some further easing in the rate of expansion is likely in coming months, however, as future growth expectations mellowed considerably during the month,” commented IHS Markit Chief Business Economist, Chris Williamson.
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