S&P Global reports highest US business activity growth in 27 months for July
Date
7/25/2024 5:03:29 AM
(MENAFN) On Wednesday, S&P Global released a report indicating a notable increase in US business activity for July, marking the highest growth rate in 27 months. The US Services Business Activity Index rose to 56.0 in July, up from 55.3 in June, surpassing expectations of 54.7. This index, which gauges the level of activity within the services sector, reflects a robust expansion and signals a strong start to the third quarter of the year.
The report highlights that the services sector experienced its most substantial growth since March 2022, suggesting a significant acceleration in business activity. The increase in the index indicates that the sector is expanding at a rate not seen in over two years, underscoring a positive shift in economic conditions.
In addition to the rise in business activity, the report notes a deceleration in the rate of price increases for goods and services. Average prices charged rose at their slowest rate since January, and the second-slowest rate since October 2020. This moderation in price growth reflects a cooling of inflationary pressures within the services sector.
Despite some persistent inflationary trends, the report emphasizes that the average rate of price increases for services was the slowest in almost four years, barring a brief dip in January. This indicates a gradual easing of inflationary pressures, contributing to the overall positive outlook for the services sector and reinforcing the strong performance reported for July.
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