That’s a stark contrast to the S&P Global Services survey, which fell in July.

details:

  • Business activity 59.9 vs. 54.0 expected (prev. 56.1)
  • Prices paid 72.3 vs 80.1 last month
  • Employment 49.1 vs 47.4 last month
  • New orders 59.9 vs 55.6 last month
  • Suppliers delivered 57.8 vs. 61.9 last month
  • Inventories 45.0 vs 47.5 last month
  • Backlog of orders 58.3 vs 60.5 last month
  • Exports 59.5 vs 57.5 last month
  • Imports 48.0 vs 46.3 last month

Comments on the report:

  • “Restaurant sales have declined in the past few weeks (due to) post-holiday and seasonal factors, but we are also hearing about consumer pressure, especially fuel and food prices. Staffing remains a challenge in some markets. Several of our (Los Angeles County) locations have received news Reports the potential return of (internal) mask mandates.” [Accommodation & Food Services]
  • Interest rates have greatly affected the home building market. Cancellation rates have increased, as homebuyers can no longer afford the monthly payment. Traffic to our communities is low. inflation
  • “General market strengthening and signs of improvement. Rising prices are putting pressure on steady budgets. There has been a shift from cutting costs to securing continuity of supply. Higher education is increasing, with an increase in applicants.” [Educational Services]
  • “Work continues to remain below pre-pandemic levels. The (patients) count and visits have increased but seem to have stabilized in the past six months.” [Health Care & Social Assistance]
  • The economy can be felt weakening. Customers are taking appropriate steps in anticipation of a recession.” [Management of Companies & Support Services]
  • “Demand for employment remains strong in most sectors of the industry. Technology has had a slowdown in hiring and layoffs. The candidate market remains, with the number of vacancies across all skill levels and positions still far greater than the number of candidates for those roles.” [Professional, Scientific & Technical Services]
  • “Rising costs across the board seem to be the biggest focus now. Fuel and food are the most common but all-encompassing focus, and there is pressure from the labor market shortage of qualified workers for increased wages and other benefits.” [Public Administration]
  • “(We are) in inventory reduction mode, we are trying to match inventory levels with current lower sales trends.” [Retail Trade]
  • “Constant, but some headwinds are definitely in the future on the economic front. However, supply chain issues seem to be receding, although they are still not significant.” [Utilities]
  • “Food service is still going strong. Retail is declining because the masses are overly concerned about inventory and consumer spending.” [Wholesale Trade]