US ISM Non-Manufacturing Composite dropped to 53.7 in July, down from 55.1 and missed expectation of 55.5. That’s also the lowest reading since August 2016. Looking at some details:
- Headline index dropped -1.4 to 53.7.
- Business Activity index dropped -5.1 to 53.1.
- New orders dropped -1.7 to 54.1.
- Employment rose 1.2 to 56.2.
- Prices dropped -2.4 to 56.5.
The 13 non-manufacturing industries reporting growth in July — listed in order — are: Accommodation & Food Services; Utilities; Professional, Scientific & Technical Services; Real Estate, Rental & Leasing; Transportation & Warehousing; Construction; Information; Other Services; Finance & Insurance; Public Administration; Management of Companies & Support Services; Mining; and Health Care & Social Assistance. The five industries reporting a decrease are: Arts, Entertainment & Recreation; Agriculture, Forestry, Fishing & Hunting; Retail Trade; Wholesale Trade; and Educational Services.
