Markit’s services PMI index for the United States fell 4.7 points in July to 59.9 from 64.6 in June. This is the lowest level in the last five months, although it continues to show a solid growth level.
The result was slightly above the previously published “preliminary” estimate of 59.8 in July. The latest recovery in business activity was marked overall, despite slipping to a five-month low.
The higher production was linked to strong demand conditions and a sustained increase in new orders. However, some companies stated that capacity constraints hampered the growth of the activity.
New business continued to grow in July, already one of the fastest rates since data collection began in October 2009. The rebound was supported by a rebound in customer demand following the start of vaccination and the relaxation of COVID-19 restrictions. The robust expansion was one of the fastest in more than three years despite softening to the slowest level since February.
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