NatWest economists Michelle Girard....>

US DATA REACT: NatWest economists Michelle Girard and Kevin Cummins said the ISM

non-manufacturing index fell "more than expected in July from 57.4 to 53.9. Over

the first six months of the year, the headline gauge ranged narrowly between

55.2 and 57.6), averaging 56.9 -- a level that has historically been associated

with 3.1% GDP growth. By comparison, the July level (which was the lowest since

August 2016) has historically corresponded to a 1.9% rise in real GDP annualized

basis."

- They add "the report noted that "the non-manufacturing sector did not sustain

the previous rate of growth and cooled-off in July. [Still] The majority of

respondents' comments were mostly positive about business conditions and the

state of the economy."