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US business activity growth eases as demand conditions soften in July
US service providers reported a further expansion across the sector at the start of the third quarter, according to the latest PMI™ data from S&P Global. Business activity and new orders increased again, albeit at slower rates, as high interest rates in particular reportedly weighed on domestic customer spending. Nonetheless, new export business rose at a sharper pace, supporting a sustained upturn in total new sales. In line with a softer rise in new orders, firms increased employment only marginally amid a renewed contraction in backlogs of work. At the same time, services firms expressed the least upbeat ... (full story)