The seasonally adjusted final S&P Global US Services PMI Business Activity Index posted 50.5 in August, down sharply from 52.3 in July. The number was
revised lower from the preliminary 51. The Composite Index was also revised lower from 50.4 to 50.2, the lowest since February.
the fall in new orders was the first in six months and signalled a marked turnaround from the sharp upturn seen in the second quarter of 2023 The final S&P Global US Composite PMI Output Index* posted 50.2 in August, down from 52.0 in July, to signal only a fractional increase in business activity at US private sector firms. The slowdown in growth stemmed from a weaker service sector expansion and a renewed decrease in manufacturing output.The US Dollar weakened moderately after the report. Market participants are now eagerly awaiting more data from the sector, with the ISM Services PMI.
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