The U.S. service sector is approaching the stagnation line, and the shadow of stagflation hangs over the economic outlook
On Tuesday (August 5th), the Institute for Supply Management (ISM) of the United States released key data showing that the Purchasing Managers' index (PMI) for the services sector unexpectedly dropped to 50.1 in July, only slightly above the boom-bust line, hitting the lowest level since July 2020.
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