US ISM services PMI reaccelerates unexpectedly in July

Activity in the US services sector accelerated unexpectedly in July, the results of a closely-followed survey revealed.

The Institute for Supply Management's services sector Purchasing Managers' Index improved from a reading of 55.3 for June to 56.7 in July.

Economists had penciled-in a decline to 53.9 for the headline index.

A key sub-index for firms' new orders jumped from 55.6 to 59.9.

The business activity sub-index was similarly buoyant, improving from 56.1 to 59.9.

Another of the most important subindices contained in the report, that tracking prices paid by companies, came off from a reading of 80.1 to 72.3.

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