US business activity hits 8-month high
Economic activities in the United States in July experienced their fastest growth in eight months, with a strong increase in the services sector that benefited from World Cup events and consumer spending during the Fourth of July holiday. The Purchasing Managers’ Index rose to 53.6 points, indicating economic expansion, despite a decline in the manufacturing sector, supply chain pressures, and high energy costs, along with rising input costs and selling prices. The market also saw a slight improvement in employment after three months of decline, amid increasing pressures from rising energy and shipping costs, as well as trade disruptions and their impact on oil and transportation prices.
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