Economic activity in the services sector grew in July for the 14th month in a row, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "The Services PMI® registered another all-time high of 64.1 percent, which is 4 percentage points higher than the June reading of 60.1 and eclipses the previous record of 64 percent in May 2021. The July reading indicates the 14th straight month of growth for the services ... (full story)

After a mixed bag on the Manufacturing side, (ISM at 2021 lows; PMI at record high), the Services sector did the same... but mirrored. Markit's Services sector survey slipped to its weakest since February (down from 64.6 to 59.9 in the final July print) ISM's Services sector roared back from weakness in June to a record high (up from 60.1 to 64.1) This mixed message ignores the continuing trend in weaker than expected macro data for the US... {chart} As the 'hope' in Services tumbles back to reality... {chart} Inflationary pressures remained substantial at the start of the third quarter. Input costs rose markedly, ... (full story)