US Services Economy Continues To Grow

The S&P 500 stock price index and the 10-year US Treasury bond yield are both up today following July's better-than-expected ISM nonmanufacturing purchasing managers index (NM-PMI).  It edged up to 56.7 last month. Last week's S&P Global flash estimate suggested it would be weaker. Here's more:

(1) The NM-PMI's new orders index was strong at 59.9. But the employment index (at 49.1) surprised on the downside, though yesterday's JOLTS report did show fewer job openings in some major services industries.