Services sector growth returns in July, notes ISM

July saw a return to growth mode for services economy activity, after declining in July, according to the new edition of the Services ISM Report on Business, which was issued today by the Institute for Supply Management (ISM).

The July Services PMI, at 51.4 (a reading of 50 or higher signals growth), increased 2.6% over June’s 48.8 reading, which was off 5.0% compared to May’s 53.8 reading. Which was preceded by a 49.4 April reading that marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.

The July Services PMI is 0.5% below the 12-month average of 51.9, with August 2023’s 54.1 marking the high for that period, and June’s 48.8 marking the low mark for that period.

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