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-Service Sector Resilience
•The ISM non-manufacturing index slid slightly in July to 55.5, a reading below the average in 2015 but above the average through the first six months of 2016.
•New orders rose above 60 for the first time since October, and the business activity reading remained at a healthy level. The backlog of orders component also improved, jumping back above 50 after a brief dip below the breakeven level in June.
- Employment Gains Moderating
•Although the July reading suggests that economic activity outside of the manufacturing sector continues to expand at a moderate pace, the employment component retreated to 51.4 from 52.7 in June.
•Given the softer employment readings from both of the ISM indices in July, there is likely some downside risk to our call for nonfarm payrolls on Friday.