IHS Markit: US Services PMI Records 50 in July

The seasonally adjusted final IHS Markit US Services PMI Business Activity Index registered a neutral 50 in July, up from 47.9 in June.

This is the third monthly rise in a row for the index, and it market the end of five months of contraction, or registering readings below the 50 mark, due to the COVID-19 crisis.

The improvement comes as many businesses are reopening in many states.

In addition, business confidence improved in July to its strongest level since March 2019.