US: S&P Manufacturing PMI improves to 49, Services PMI declines to 52.4 in July
|- US S&P Global Manufacturing PMI edged higher to 49 in July.
- Service sector's economic activity expanded at a softening pace.
Business activity in the US private sector expanded at a slower pace in early July than in June, with S&P Global Composite PMI declining to 52 from 53.2. This reading came in slightly weaker than the market expectation of 53.1.
S&P Global Manufacturing PMI improved to 49 from 46.3 in the same period and Services PMI fell to 52.4 from 54.4.
Commenting on the survey's findings, "July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation," said Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
"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 start of the third quarter," Williamson added.
Market reaction
This report doesn't seem to be having a significant impact on the US Dollar's performance against its major rivals. As of writing, the US Dollar Index was up 0.1% on the day at 101.18.
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