The ISM Non-Manufacturing Index increased to 58.1% in July (Briefing.com consensus 5.2%) from 57.1% in June.
This was the third straight monthly improvement and the highest reading for the index since February 2019.
The New Orders Index increased to 67.7% from 61.6%.
The Employment Index slipped to 42.1% from 43.1%.
The Prices Index fell to 57.6% from 62.4%.
The Backlog of Orders Index rose to 55.9% from 51.9%.
The New Export Orders Index dropped to 49.3% from 58.9%.The key takeaway from the report is the recognition that the Employment Index fell even as business activity improved some, which suggests a reticence on the part of employers to bring on new employees given the heightened state of uncertainty about the demand outlook.
|Non-Manufacturing ISM index||58.1||57.1||45.4||41.8||52.5|