The non-manufacturing ISM surprisingly dropped -3.5 points to 53.9 in July while the final Markit service sector PMI was revised +0.5 point higher to 54.7. Looking into the details of the ISM report, the employment index dropped -2.2 points to 53.6 while new orders index was down -5.4 points to 55.1. Separately, factory orders grew +3% m/m in June, compared with consensus of +2.8% and a -0.3% drop a month ago.
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US Job Data in the Limelight
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