Growth Uneven, Confidence Rising

It was an intense week in the United States, marked by a series of relevant economic news reflecting an uneven economic expansion. The S&P Global Composite PMI rose to 54.6 in July, reaching its highest level of the year, thanks to a strong rebound in the services sector, whose index climbed to 55.2 points. This improvement suggests that domestic demand remains strong in this segment. However, the manufacturing sector showed weakness, with the PMI falling to 49.5, returning to contractionary territory and below market expectations.

In the real estate market, data also showed mixed signals. Existing home sales fell 2.7% in June, marking their lowest level since September 2024, affected by the rising cost of mortgage credit. In contrast, new home sales grew slightly by 0.6%, although below estimates. In addition, orders for durable goods plummeted 9.3% month-on-month, reversing May's growth. The decline was explained by a sharp contraction in orders for aircraft and capital goods, which raised doubts about business investment in the short term.

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