U.S. service sector activity slows sharply in July
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. ■