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US services sector slows down in July amid tariff tensions
The US services sector lost a bit of steam in July, with the ISM index dipping to 50.1%—still growing, but slower than last month and below what experts expected.
This slowdown is happening as tariff tensions heat up, making things trickier for businesses at home and around the world.
Tariffs are a top concern for many companies
According to ISM's Steve Miller, tariffs are now a top concern for many companies, shifting trade indexes from growth to decline.
Sectors like accommodation and agriculture are feeling the pinch with higher costs and delays in planning.
Tariffs are affecting the cost of doing business and the ability to plan for future expenses, Miller shared, highlighting just how much global trade uncertainty is weighing on service industries right now.