US ISM Services PMI rose from 48.8 to 51.4 in July, matched expectations. Looking at some details, business activity/production rose from 49.6 to 54.5. New orders rose from 47.3 to 52.4. Employment jumped from 46.1 to 51.1. Prices rose from 56.3 to 57.0.
ISM said: “The past relationship between the Services PMI® and the overall economy indicates that the Services PMI® for July (51.4 percent) corresponds to a 0.8-percentage point increase in real gross domestic product (GDP) on an annualized basis.”
Full ISM services release here.
