🚨 Flash Services PMI Report

On August 22, the Flash Services PMI report will offer key insights into the U.S. services sector's performance. The latest data reveals that the S&P Global U.S. Services PMI was revised lower to 55 for July 2024, from an initial estimate of 56, and down from 55.3 in June. Despite the slight easing, the reading continues to indicate robust expansion in the services sector.

The report highlights that new business increased for the third consecutive month at a solid pace. Notably, new business from abroad also rose for the first time in six months, although the increase was marginal compared to overall new orders. This growth in new business has led firms to expand their workforce. However, input cost inflation accelerated, and companies raised their selling prices at a slower rate due to competitive pressures.

Service providers maintain optimism for future business activity, although confidence has eased to an eight-month low. Factors supporting this optimism include increased marketing efforts, potential reductions in interest rates, and improved demand following the Presidential Election.

With the Services PMI decreasing from 55.30 in June to 55 in July, and expectations for a further decline to around 54.00 points by the end of the quarter, this report will be critical in assessing the sector's current trajectory and its potential impact on broader economic conditions.

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