The Non-Manufacturing Business Activity Index decreased to 59.3 percent, 0.2 percentage point lower than the June reading of 59.5 percent, reflecting growth for the 84th consecutive month, at a slightly slower pace in July.
The New Orders Index registered 60.3 percent, the strongest since October, 0.4 percentage point higher than the reading of 59.9 percent in June.
The Employment Index decreased 1.3 percentage points in July to 51.4 percent from the June reading of 52.7 percent.
The Prices Index decreased 3.6 percentage points from the June reading of 55.5 percent to 51.9 percent, indicating prices increased in July for the fourth consecutive month.
According to the NMI, 15 non-manufacturing industries reported growth in July. The majority of the respondents’ comments reflect stability and continued growth for their respective companies and a positive outlook on the economy.