Reported 2 months ago
The U.S. services sector experienced a significant rebound in July, as indicated by the Institute for Supply Management's PMI, which rose to 51.4 from a low of 48.8 in June. This improvement was driven by an increase in new orders and the first employment growth in six months, alleviating recession fears despite a recent spike in the unemployment rate. The labor market showed positive signs with nonfarm payrolls growing by 114,000, including 72,000 jobs in services, the most modest gain since December 2020.
Source: YAHOO