The ISM services index edged up to 54.1 in July, keeping expansion intact. New orders and business activity strengthened, but the prices paid index jumped to 70.3, squeezing margins and potentially slowing hiring.
According to Jinshi, the U.S. services sector remained in expansion mode in July. The ISM services index increased 0.1 point to 54.1. New orders accelerated, while the business activity gauge hit a five-month high, signaling solid consumer demand.
Cost pressures, however, stayed elevated. The ISM prices paid index rose to 70.3 as service and material costs kept climbing. That put a squeeze on corporate profits and may lead some companies to delay hiring.
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