- The S&P Global Manufacturing PMI rose to 49 in July.
- Economic activity in the service sector expanded at a slower pace.
In early July, business activity in the US private sector grew at a slower pace than in June. The S&P Global Composite PMI index fell from 53.2 to 52 points. This reading was slightly below market expectations, which had expected a 53.1.
The S&P global manufacturing PMI improved to 49 from 46.3 in the same period and the services PMI fell to 52.4 from 54.4.
Chris Williamson, Chief Economist at S&P Global Market Intelligence, said: “July is seeing an unwelcome combination of slower economic growth, weaker job creation, more downbeat business confidence and sticky inflation.
“The overall rate of output growth, measured across manufacturing and services, is consistent with GDP expanding at an annualized quarterly rate of approximately 1.5% at the beginning of the third quarter,” Williamson added.
Market reaction
This report does not seem to have a significant impact on the evolution of the dollar against its main rivals. At the time of writing, the Dollar Index had risen 0.1% to 101.18.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
