美國供應管理協會（ISM）7月服務業指數為54.1，低於預期的54.5，也較前值54.0小幅下滑。

在報告細項中，支付價格指數由67.7升至70.3，新訂單由55.1升至57.2。商業活動也有所改善，由55.4升至59.1。不過，就業指數則明顯轉弱，由51.2降至47.4，再度跌破50的榮枯線。

最新數據發布前不久，S&P Global 7月最終PMI已公布，從53.6升至54.6，創8個月新高。雖然ISM總體數據低於預期，但報告顯示商業活動與新訂單仍有一定韌性。主要疲弱之處在於就業，且其跌回50下方的幅度相當明顯。

這一下滑或許與世界盃及USA 250慶祝活動帶來的臨時性招聘有關，但在通膨壓力上升之際，就業走弱仍值得注意。對市場與政策制定者而言，這種組合尤其重要，因為服務業占美國經濟活動的大部分；當勞動面表現偏弱、同時價格更為堅挺時，其影響會更大。這也使週五的非農就業報告更受關注，並增加下行風險。今日公布的ADP就業數據也偏弱。

報告中的評論顯示，不同行業情況分化：

“Overall volume of business is slightly down for the year.” [Agriculture, Forestry, Fishing & Hunting]

“Sales continue to slide despite increased discounts. Mounting cost pressures from all fronts.” [Construction]

“Economic conditions remain stable. Banking activity continues to be supported by healthy commercial client demand, though businesses remain cautious amid interest rate and inflation uncertainty. Overall outlook remains positive for both the banking industry and my company.” [Finance & Insurance]

“In the tertiary care segment of hospital operations, patient volumes, revenue and activity across the board are up, and given the economic climate, this was an unexpected result. Supply chains are operating as expected: There are few, if any, impactful back orders, deliveries are consistent and fill rates are up. Employment is still in high demand, yet our institution appears to be faring well as full-time employee positions are filling without excessive recruitment. Forecast remains above average.” [Health Care & Social Assistance]

“Business is starting to pick up especially with smaller firms. Just hope it keeps improving.” [Management of Companies & Support Services]

“Uncertainty on how the Iran conflict will impact the price of oil, as well as the knock-on effect to construction and other materials. The city has several capital projects pending and ongoing, which will be impacted.” [Public Administration]

“Network gear supply (internet access points and switches) for store equipment set up on four- to six-month lead times; needing to place large order in anticipation of new store openings in order to have sufficient network gear to run the store.” [Retail Trade]

“Conditions are largely unchanged from last month. The exception is pricing, which continues to rise, driven mainly by fuel and labor costs. Demand remains stable.” [Transportation & Warehousing]

“Electric utility materials continue to be in high demand, causing competition among utilities for production slots. Furthermore, more suppliers are requiring progress payments or a down payment on goods as part of PO agreements.” [Utilities]

“Business is more robust than expected, considering some of the economic headwinds still plaguing the industry. Lumber supply is tighter, and freight rates and availability are challenges. Many of our builders are pushing back hard on price increases. However, the outlook is favorable for the remainder of 2026.” [Wholesale Trade]