US ISM Services PMI dropped from 53.9 to 52.7 in July, slightly below expectation of 53.0. Looking at some details, business activity/production dropped from 59.2 to 57.1. New orders dropped from 55.5 to 55.0. Employment dropped from 53.1 to 55.9. Prices rose from 54.1 to 56.8.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for July (52.7 percent) corresponds to a 1-percent increase in real gross domestic product (GDP) on an annualized basis.”
