US Services Growth Hits Nine-Month High in July as Costs Rise
In July, S&P Global reported that the U.S. services sector grew at its quickest rate in nine months. This expansion coincided with a peak in input costs not seen in 14 months, fueled by tariffs and rising energy prices. The findings indicate persistent inflationary challenges within the services industry, potentially impacting decisions made by the Federal Reserve. The report underscores the strength of the services sector, even amid wider economic uncertainties.
Key facts
- U.S. services sector growth hit a nine-month high in July.
- Input costs reached a 14-month high in the same period.
- Cost pressures were linked to tariffs and energy prices.
- Data was reported by S&P Global.
- The report uses the S&P Global services PMI.
Entities
Institutions
- S&P Global
Locations
- United States
Sources
- Quartz —