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S&P Global July Final Services PMI Revised Upward, Above June Index

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The S&P Global US services index was revised upwards to 54.6 in July from the 53.6 flash reading, compared with expectations for no revision in a survey compiled by Bloomberg as of 7:35 am ET.

The July index is above the 51.2 reading in June and is the highest for nine months.

The index indicates faster expansion, which is in line with most of the other regional services data but in contrast with the Richmond Fed reading which suggested contraction.

S&P Global noted stronger domestic demand which led to a rise in new order inflows. There was also a temporary increase in demand for some firms due to major events like FIFA World Cup and US Independence Day events. There was also an improvement in confidence in the outlook due to hopes of easing energy prices and geopolitical tensions.

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