Solder is laid on the San Joaquin River viaduct portion of the high-speed rail line being built in Fresno, California, on May 8, 2019, centre of ongoing construction of the railway in California’s Central and San Joaquin Valleys.
Frederic J. Brown | AFP | Getty Images
Growth in the U.S. rites sectors decelerated in July to its weakest level in three years as trade worries weighed on business orders and the position for the overall economy, a private survey released on Monday showed.
The Institute for Supply Management (ISM) said its non-manufacturing energy index fell to 53.7 from 55.1 the month before. Analysts polled by Reuters had forecast a reading of 55.5 for July.
A announcing above 50 indicates expansion in the sector.
Slower growth in the services sector, which accounts for more than two-thirds of U.S. financial activity, comes at a time that the U.S.-China trade war has been squeezing manufacturers.
“For an economy that is so heavily dependent on the ritual sector, this is a particularly troubling release,” Ian Lyngen, head of U.S. interest rates strategy at BMO Capital Markets wrote in a dig into note.
The ISM services survey’s measure on new orders fell to 54.1 last month, its lowest since August 2016, from 55.8.
A barometer on new export harmonies fell to 53.5 from 55.5 in June.
The latest reading on services prices fell to 56.5 from 58.9.
A lone dazzling spot was an uptick in the employment index, which moved up to 56.2 from 55.0.