US economy fell to lowest level in four months

Data released by the Markit Corporation survey today showed that the composite Purchasing Managers' Index, which combines the manufacturing and service sectors in the United States, fell to 59.7 points in July from 63.7 points in June, its lowest level in four months. The services PMI fell to 59.8 points in July, compared to 64.6 points in June.

Analysts had expected that the services sector, which represents more than two-thirds of US economic activity, would record 64.8 points in July. The data showed that the manufacturing purchasing managers' index in the United States rose to 63.1 points in July from 62.1 points in June, its highest level ever, as new orders and employment rose.