The numbers: The U.S. services PMI fell to a 26-month low of 47 in July from 51.6 in the prior month, based on a “flash” survey from S&P Global Market Intelligence. Readings below 50 signifies contraction.Key details: The services sector continued its downward trajectory since hitting a high in March. Inflation continued to weigh on new sales.The flash PMI composite output index fell to 47.5 in July. This is the sharpest contraction since the beginning of the pandemic.Big picture: The U.S.
Earlier Friday, the S&P Global Eurozone PMI dropped to 49.4 in July. That was the first contraction since February 2021.deterioration in the economy. Manufacturing has stalled and the service sector’s rebound from the pandemic has gone into reverse, as the tailwind of pent-up demand has been overcome by the rising cost of living, higher interest rates
and growing gloom about the economic outlook,” said Chris Williamson, chief business economist at S&P Global Market Intelligence. Market reaction: Stocks SPX, -0.93% DJIA, -0.43% opened mixed on Friday. Bond yields TMUBMUSD10Y, 2.758% slid on economic concerns.
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