The U.S. services PMI contracted for the second month in August

S&P Global reported that the purchasing managers’ index for the services sector fell to 43.7 in August from 47.3 in July, down from the initial reading of 44.1.

The PMI index is below 50, suggesting that the U.S. services sector is contracting, down for the second month in a row.

The PMI index was affected by the decline in new orders, while employment reached its lowest level since January. Although business confidence rose again to its highest level in three months.

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