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According to analysts from Wells Fargo, the ISM non-manufacturing index signaled broad activity slowed in July, but that the economy continues to expand at a decent pace.

Key Quotes:  

“Like its manufacturing counterpart, the ISM non-manufacturing index indicated activity cooled in July. The index slipped more than three points but, at 55.7, remains well within expansion territory. Comments continued to sound a fairly upbeat tone that suggests growth remains solid.”

“Employment was one of the few sub-indices to improve in July. While that looks inconsistent with the slowdown in hiring reported earlier today in the employment report, the index has generally weakened since the spring.”

“Costs picked up and remain a hotbed issue. Tariff-related price concerns extend beyond the factory sector, with comments from the public administration, mining, retail and wholesale sectors.”