July non-manufacturing composite index weaker than expectations
The July non-manufacturing composite index is a miss to the downside. It comes in at 53.9 vs 56.9 estimate. The prior month was at 57.4.
- 11 month low for the index
- Employment 53.6 vs 55.8 last
- Orders 55.1 vs 60.5 last
- Prices paid 55.7 vs 52.1 last
- Business activity 55. 9 vs 60.8 last
The dollar has moved lower on the news with the USDJPY moving toward 110.00 (low reached 110.09 so far). The US stocks are also trading at the lows with the S&P down -6.19 points to 2471.36. The Nasdaq is trading at lows as well (down -22.778 points) to 6338.613.
