July U.S. PMI composite tweak past estimate

• July U.S. PMI Composite (Final): 59.9 vs. 59.7 consensus and 63.7 prior.
• The latest upturn in business activity was marked overall, despite easing to a five-month low. Greater output was linked to strong demand conditions and a sustained increase in new orders. Some companies stated that capacity constraints hampered activity growth, however. New business continued to rise in July, and at one of the fastest rates since data collection began in October 2009.
• Services PMI: 59.9 vs. 59.8 consensus and 64.6 prior.
• “The pace of US economic growth cooled in July, according to the final PMI data, but remained impressively strong to suggest that GDP will rise robustly again in the third quarter. Stimulus measures combined with the vaccine roll out and reopening of the economy continued to boost demand for goods and services, most notably among households and especially in consumer-facing services such as travel and hospitality,"