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US services sector drives growth
The latest non-manufacturing Purchasing Managers' Index in the United States showed strong growth, registering at 55.4 points, surpassing the forecast of 54.2 points and rising from 54.1 points previously. This reflects ongoing growth in the non-manufacturing sector, which includes retail, hospitality, and finance. The growth indicates operating momentum supported by increased new orders, improved employment, and a resilient labor market, boosting investor confidence and strengthening the dollar. The data assist policymakers in assessing the state of the economy and determining future interest rate and inflation trends.
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