The US Institute for Supply Management reported its Services PMI at 54.1 in July, marking 24 consecutive months of expansion. This figure represents a marginal increase from June’s 54.0 but came in slightly below the consensus estimate of 54.2 to 54.5. The services sector, which accounts for nearly 90% of the US economy, remains in solid growth territory. Concerns about tariff impacts and the Middle East conflict were mentioned less frequently by respondents compared to prior reports. This data point is monitored by the Federal Reserve when deciding on interest rate adjustments.
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