US July PMI falls to 5 month low

The US July composite PMI fell to 52 from 53.2 and that’s the lowest since February. Manufacturing actually improved somewhat but still remains below 50 at 49 from 46.3 in June. The services component was down by 2 pts to 52.4, the weakest since February and which we know has been carrying the economic load and “in particular rising spend from internati…