US ISM Non-Manufacturing Composite rose to 58.1 in July, up from 57.1, beat expectation of 54.8. Production rose 1.2 to 67.2. New orders rose sharply by 6.1 to 67.7. However, employment dropped -1.0 to 42.1, staying in contraction region.
ISM also said, “the composite index indicated growth for the second consecutive month after two months of contraction.” “Respondents remain concerned about the pandemic; however, they are mostly optimistic about business conditions and the economy as businesses continue to reopen. Sentiment varies across industries, as they are impacted differently.”
