US ISM Services PMI rose from 55.3 to 56.7 in July, above expectation of 53.5. Business activity/production rose from 56.1 to 59.9. New orders rose from 55.6 to 59.9. Employment rose from 47.4 to 49.1. Prices dropped from 80.1 to 72.3.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI for July (56.7 percent) corresponds to a 2.4-percent increase in real gross domestic product (GDP) on an annualized basis.”
