U.S. Services PMI Misses Forecast at 54.1 in July; S&P Global Final Reading Beats at 54.6

According to the Institute for Supply Management (ISM), the U.S. services sector PMI for July came in at 54.1 on August 5, missing the market forecast of 54.5 but holding steady from June's 54.0. The broader S&P Global final services PMI reading for July was 54.6, exceeding expectations of 53.6. The U.S. economy has maintained 74 consecutive months of expansion, with the services sector sustaining 25 consecutive months of growth.
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