US July Services PMI at 54.6, Beats Forecast

The U.S. services purchasing managers index rose above market expectations in July.

S&P Global said on August 5 that the U.S. services PMI came in at 54.6 for July, above the market forecast of 53.6.

The PMI is an indicator of business conditions based on surveys of corporate purchasing managers. A reading above 50 signals expansion, while a reading below 50 indicates contraction.