ISM Services PMI At Record High in July

US JUL ISM SERVICES PMI 64.1 VS 60.1 JUN

US ISM SERVICES BUSINESS INDEX 67.0 JUL VS 60.4 JUN

US ISM SERVICES EMPLOYMENT INDEX 53.8 JUL VS 49.3 JUN

US ISM SERVICES NEW ORDERS 63.7 JUL VS 62.1 JUN

US ISM SERVICES SUPPLIER DELIVERIES 72.0 JUL VS 68.5 JUN (NSA)

• The ISM Services PMI surged to a record high of 64.1 in Jul, edging above May's previous record reading and stronger than markets expected (BBG: 60.5).
• Jul's increase was broad-based with every major category posting a gain, led by Business Activity which rose 6.6pt to 67.0, the highest reading since Mar.
• Employment increased 4.5pt in Jul, while Supplier Deliveries and New Orders rose 3.5pt and 1.6pt, respectively.
• Among the other categories, Exports showed the largest increase, up 15.1pt to 65.8, its highest level since May 2007.
• While Inventory Sentiment ticked up 3.1pt to 40.3, Prices rose 2.8pt to 82.3, its highest reading since Sep 2005.
• Imports posted the largest decline in Jul, down 6.6pt to 51.6, while Order Backlogs eased 2.8pt to 63.5 and Inventories slipped 0.7pt to 49.2, remaining in contraction for the second successive month.