Lates News

Due to new orders and a rebound in business activity, the U.S. services sector maintained a stable expansion in July. Data released on Wednesday showed that the ISM services index rose by 0.1 points to 54.1, indicating that the sector is in expansion as the index is above 50. The growth rate of new orders accelerated, and the metric measuring business activity reached a five-month high, reflecting robust consumer demand. However, rising costs for services and materials continue to pressure businesses. Following the breakdown of a temporary agreement between the U.S. and Iran, which pushed up crude oil and gasoline prices, the ISM input cost price index surged to 70.3 in July. With persistently high costs squeezing corporate profits and impacting consumer spending, some firms may choose to delay hiring. The agency's employment indicator showed the most significant contraction in employment numbers since March.