US
· Private job growth was a little better than expected in July, though all of the new positions came from the services sector, according to the latest report from ADP and Moody's Analytics. Companies added 179,000 positions for the month, topping Reuters estimates of 170,000. That was a slight increase from June, which saw an upwardly revised 176,000, 4,000 more than originally reported.
· The Institute of Supply Management (ISM) non-manufacturing index declined to 55.5 for July from the 17-month high of 56.5 the previous month. Overall confidence in the outlook should remain strong given an increase in the orders component for the month.
· The overall business activity/production index held firm at 59.3 from 59.5 previously and this was the 84th consecutive monthly increase. 15 of the industries reported monthly expansion, while 3 reported a contraction, mainly in the primary sector.
Source: CNBC, Phillip Securities Research (Singapore)
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