US ISM Services PMI rose to 64.1 in July, up from 60.1, above expectation of 60.4. That eclipses previous record in May and indicates the 14th straight month of growth.
Looking at some details, business activity/production rose 6.6 to 67.0. new orders rose 1.6 to 63.7. Employment rose 4.5 to 49.3. Prices rose 2.8 to 82.3.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for July (64.1 percent) corresponds to a 5.2-percent increase in real gross domestic product (GDP) on an annualized basis.”
