The final value of the US services industry in August was slightly lower than the initial value, and there are still downward risks to future economic rise.
On September 4, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that although the final value of the U.S. services PMI was lower than the initial value and below the level of July, the services data for August remains the second strongest of the year to date. Coupled with strong manufacturing PMI performance, these survey results indicate that the annualized growth rate of the U.S. economy in the third quarter is expected to reach 2.4%. Meanwhile, orders reflect a rise in customer demand during the summer, prompting service providers to increasingly hire new employees, and manufacturing has also resumed hiring. However, the positive news regarding current growth and hiring is overshadowed by concerns about future prospects and inflation. Survey data shows that there are some downside risks to economic growth in the coming months, while there are upside risks to inflation as import tariffs have been passed on to the prices of goods and services. ( Jin10 )
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The final value of the US services industry in August was slightly lower than the initial value, and there are still downward risks to future economic rise.
On September 4, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that although the final value of the U.S. services PMI was lower than the initial value and below the level of July, the services data for August remains the second strongest of the year to date. Coupled with strong manufacturing PMI performance, these survey results indicate that the annualized growth rate of the U.S. economy in the third quarter is expected to reach 2.4%. Meanwhile, orders reflect a rise in customer demand during the summer, prompting service providers to increasingly hire new employees, and manufacturing has also resumed hiring. However, the positive news regarding current growth and hiring is overshadowed by concerns about future prospects and inflation. Survey data shows that there are some downside risks to economic growth in the coming months, while there are upside risks to inflation as import tariffs have been passed on to the prices of goods and services. ( Jin10 )