U.S. Services PMI Hits 53.6 in July, Strongest in 8 Months; Manufacturing Falls to 4-Month Low

According to S&P Global, on July 24, the U.S. services sector PMI preliminary reading for July came in at 53.6, up 2.4 points from June's 51.2 and marking the strongest level in eight months. Manufacturing PMI, meanwhile, fell to 53.8, down 0.1 points month-over-month and the lowest in four months. Both figures exceeded expectations of 51.5 and 54.3, respectively. Input cost inflation hit its highest level in 14 months, driven by rising energy, transportation, and shipping costs amid Middle East disruptions.
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