By Joshua KirbyBusiness activity in the U.S. rose at a weaker pace in July, as manufacturing recovered somewhat but service growth slowed. The reading was supported by export orders but domestic demand was hampered by higher interest rates, S&P Global said. "Growth is being entirely driven by the service sector, and in particular rising spend from international clients, which is helping offset a becalmed manufacturing sector and increasingly subdued demand from U.S. households and businesses," said Chris Williamson, S&P Global's chief business economist. The readings come after production activity weakened in June, according to data from the Chicago Fed National Activity Index earlier Monday. "July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation," S&P's Williamson said.

Source: Wall Street Journal July 24, 2023 14:26 UTC