US Services PMI \u2013 July 2025 Component Breakdown<\/p>\n
Services PMI: 50.1 (Jun 50.8) \u2013 \u2193 0.7<\/p>\n
Business Activity\/Production: 52.6 (Jun 54.2) \u2013 \u2193 1.6<\/p>\n
New Orders: 50.3 (Jun 51.3) \u2013 \u2193 1.0<\/p>\n
Employment: 46.4 (Jun 47.2) \u2013 \u2193 0.8<\/p>\n
Supplier Deliveries: 51.0 (Jun 50.3) \u2013 \u2191 0.7<\/p>\n
Inventories: 51.8 (Jun 52.7) \u2013 \u2193 0.9<\/p>\n
Prices: 69.9 (Jun 67.5) \u2013 \u2191 2.4<\/p>\n
Backlog of Orders: 44.3 (Jun 42.4) \u2013 \u2191 1.9<\/p>\n
New Export Orders: 47.9 (Jun 51.1) \u2013 \u2193 3.2<\/p>\n
Imports: 45.9 (Jun 51.7) \u2013 \u2193 5.8<\/p>\n
Inventory Sentiment: 53.2 (Jun 57.1) \u2013 \u2193 3.9<\/p>\n
A total of seven of 10 components fell. The biggest change was in the imports and exports. Exports showed a decline of -3.2 into contractionary territory. Imports also fell sharply likely as a result of the tariffs with a decline of -5.8. Both moved from expansionary above 50 to contractionary below 50. <\/p>\n
The shift from trade from the US and foreign countries seem to be impactful as countries adjust their trade perspective.<\/p>\n
You can see the tariff impact in the comments from respondents:<\/p>\n
\u201cAnticipation of the final tariff impacts is resulting in delayed planning for next fiscal year purchases.\u201d [Accommodation & Food Services]<\/p>\n
\u201cHigher tariffs are increasing the cost of imported feed ingredients and trace minerals for livestock and poultry feeds. Business and customer concerns over additional cost risk due to additional tariffs.\u201d [Agriculture, Forestry, Fishing & Hunting]<\/p>\n
\u201cTrade uncertainty causing client reevaluation of feasibility for projects in certain sectors, resulting in some delays or cancellations. Public-funded jobs experiencing pullbacks.\u201d [Construction]<\/p>\n
\u201cSummer break for students greatly reduces demand on campus.\u201d [Educational Services]<\/p>\n
\u201cSteady business activity.\u201d [Finance & Insurance]<\/p>\n
\u201cTariffs are causing additional costs as we continue to purchase equipment and supplies. Though we need to continue with these purchases, the cost is significant enough that we are postponing other projects to accommodate these cost changes.\u201d [Health Care & Social Assistance]<\/p>\n
\u201cExtra purchasing to head off tariffs has leveled off. Expecting decreases in activity in the second half of 2025.\u201d [Mining]<\/p>\n
\u201cEconomic uncertainty remains the dominant theme. However, the tariff talk has turned out to be much more bluster than actual policy, and businesses have seemed to tune out the noise. The outlook continues to look incrementally positive.\u201d [Real Estate, Rental & Leasing]<\/p>\n
\u201cRetail results are solid \u2014 a little soft before and during Fourth of July week, but then a rebound. We see no reason to believe this won\u2019t continue for the near term.\u201d [Retail Trade]<\/p>\n
\u201cOur business activity is flat. We are not trending up or down. Tariffs are now starting to show up in pricing, and we are seeing increases across the board.\u201d [Transportation & Warehousing]<\/p>\n
Summary:<\/p>\n