S&P Global Services PMI disappoints, falling to 50.5 from 52.3 last month. However, the US Non-Manufacturing PMI rose to 54.5 (much higher than the expected 52.5) - a truly good number as the services sector begins to recover strongly post-pandemic.
Compared to the services sector, manufacturing activity is lagging due to pressure from sluggish trade and the Fed's tight monetary policy. After a surge of +2.3% in June, factory orders are expected to drop sharply -2.1%.
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