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US services grow in July despite manufacturing slowdown
In July, the U.S. economy experienced a surge in the services sector, which is the largest part of the economy, driven by increased spending related to the World Cup and Independence Day. Meanwhile, manufacturing growth slowed to its weakest pace since March due to declining inventory buildup, supply chain disruptions, and rising energy prices resulting from the military escalation with Iran. Purchasing Managers' Index (PMI) indicators showed heightened activity in services, reaching the highest level since November, with increased new orders and limited hiring, while the manufacturing sector contracted. This raises concerns about the sustainability of growth amid rising geopolitical tensions and higher oil and fuel prices. Projections suggest that July's performance may be temporary, and the current pressures could hinder the economy's short-term trajectory.
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