U.S. Services Sector Growth Slows in July

Note: This section contains information in English only.
Source: Dukascopy Bank SA
In July 2025, the U.S. services sector showed marginal growth, with the Services PMI® at 50.1%, slightly down from 50.8% in June. Business activity remained in expansion at 52.6%, though growth slowed. New orders also expanded at 50.3%, while employment continued to contract, registering 46.4% for the second month in a row. Supplier deliveries slowed, with an index reading of 51%, indicating supply chain congestion.



Prices paid rose sharply to 69.9%, the highest since October 2022, reflecting ongoing inflationary pressures. Inventories expanded slightly at 51.8%, though sentiment indicated levels were still too high. The backlog of orders remained in contraction at 44.3%, though slightly improved from June. Both new export orders (47.9%) and imports (45.9%) fell into contraction territory, suggesting growing trade and tariff-related headwinds. Despite the overall PMI indicating growth for the second consecutive month, the pace was slow, and businesses reported concerns about tariffs, labor shortages, and rising costs.

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