US: Non-manufacturing PMI falls to 55.7 in July vs. 58.6 expected

"The NMI (Non-Manufacturing ISM Report On Business) registered 55.7 percent, which is 3.4 percentage points lower than the June reading of 59.1 percent," the Institue for Supply Management reported on Friday.

Key takeaways from the official publication

• There was a notable decrease in the Business Activity Index, which fell to 56.5 percent, 7.4 percentage points lower than the June reading of 63.9 percent.
• The New Orders Index registered 57 percent, 6.2 percentage points lower than the reading of 63.2 percent in June.
• The Employment Index increased 2.5 percentage points in July to 56.1 percent from the June reading of 53.6 percent.
• The Prices Index increased by 2.7 percentage points from the June reading of 60.7 percent to 63.4 percent, indicating that prices increased in July for the 29th consecutive month.
• There has been a ‘cooling off’ in growth for the non-manufacturing sector.
• Tariffs and deliveries are an ongoing concern
•  The majority of respondents remain positive about business conditions and the economy.