ISM Services PMI Preview: US services sector expected to accelerate in July
On Wednesday, we’ll get the latest read on the US services sector when the Institute for Supply Management (ISM) publishes its July gauge. Consensus points to a marginal improvement to 54.5 from June’s 54.
The July Services PMI for the US services sector is anticipated to show an acceleration in momentum. According to fresh data from the Institute for Supply Management (ISM), the Services PMI improved to 54.1 in July from 54 in the previous month, falling short of expectations at 54.5. This marginal increase indicates a slight uptick in the sector's growth.
Inflation pressures are mounting, as evidenced by the Prices Paid Index rising to 70.3 from 67.7. Yet, hiring conditions remain subdued, with the Employment Index dropping to 47.4 from 51.2. New business, however, experienced a boost with the New Orders Index climbing to 57.2 from 55.1. The US Dollar (USD) remains strong, with the US Dollar Index (DXY) holding below the 100.00 mark, continuing its downward trend for the second consecutive day.
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