Service sector activity in the United States expanded in July, with business sentiment generally positive

PANews reported on August 5th, according to Jinshi, the US ISM Non-Manufacturing PMI for July was 51.4, expected to be 51, with a previous value of 48.8. The Institute for Supply Management (ISM) stated that economic activity in the service sector expanded in July. Since the early stages of the pandemic, this trend has only been interrupted three times but has been interrupted twice in the past four months. The Service PMI is at 51.4 and it's the 47th expansion within fifty months. Steve Miller, Chairman of ISM Services Business Survey Committee said that an increase in composite index for July resulted from an average rise of five points across business activity, new orders and employment indices; a drop by 4.6 parts in supplier delivery index partially offset this rise.
Respondents once again indicated that rising costs are affecting their businesses but generally maintain a positive attitude towards business activities believing they will remain steady or gradually expand.
Regarding upcoming presidential elections respondents still adopt a wait-and-see attitude with one expressing concern over potential tariff increases.
Many respondents pointed out that despite cost increases supply chain performance has returned to stability.