5 Aug 2015
US services PMI in July recovers from June’s 5-month low
FXStreet (Mumbai) - The seasonally adjusted final Markit US services PMI rose to 55.7 in July from June’s 5-month low of 54.8. The earlier ‘flash’ reading for July was 55.2.
The service sector witnessed a faster rise in new work in three months. Increased workloads contributed to a further expansion of staffing levels at service sector companies in July. The official report from Markit says input cost inflation continued to outstrip rises in service providers’ average tariffs. Higher food prices and salary payments were mentioned in particular, although the overall pace of cost inflation eased from June’s 20- month high.
As per Chris Williamson, Chief Economist at Markit said, “The Markit PMI data indicate that the US economy enjoyed a good start to the third quarter. Faster growth in services accompanied a similar upturn in manufacturing, leaving the economy on course to see a rate of expansion similar to the 2.3% pace achieved in the second quarter.”
The service sector witnessed a faster rise in new work in three months. Increased workloads contributed to a further expansion of staffing levels at service sector companies in July. The official report from Markit says input cost inflation continued to outstrip rises in service providers’ average tariffs. Higher food prices and salary payments were mentioned in particular, although the overall pace of cost inflation eased from June’s 20- month high.
As per Chris Williamson, Chief Economist at Markit said, “The Markit PMI data indicate that the US economy enjoyed a good start to the third quarter. Faster growth in services accompanied a similar upturn in manufacturing, leaving the economy on course to see a rate of expansion similar to the 2.3% pace achieved in the second quarter.”