U.S. private sector activity displayed stronger-than-anticipated growth in July, driven primarily by a robust services sector, despite manufacturing slipping into contraction for the first time in six months.
The preliminary Composite Purchasing Managers' Index (PMI) edged up from 54.8 in June to 55 in July, reaching its highest level since April 2022.
Services PMI increased from 55.3 to 56, surpassing expectations of 55 and marking a 28-month high.
Conversely, the Manufacturing PMI fell from 51.6 to 49.7, missing the anticipated 51.7 and returning to contractionary territory after two months of expansion.
Key Highlights From July PMI Reports
- The service sector has outperformed manufacturing for the fourth...
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