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U.S. service sector activity slows sharply in July

Staff Writer |
Service sector activity in the U.S. slowed sharply in July, the results of a widely-followed survey revealed.

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As in manufacturing, many survey respondents indicated that trade tariffs were already having an impact on their sector.

The Institute for Supply Management's non-manufacturing Purchasing Managers' Index printed at 55.7 for July, which was down from 59.1 in June and comfortably below the print of 58.6 which economists had penciled-in.

A key gauge of new orders slipped from 63.2 to 57.0, alongside a dip in a sub-index for order backlogs from 56.5 to 51.5.

A subindex of prices paid by companies on the other hand climbed from 60.7 to 63.4.