Led by services, Composite PMI hits highest level in over two years. Selling price pressures ease. Economic growth narrows slightly across states, but the risk of recession remains low. New home sales decline. Low mortgage applications suggest continued weakness in total home sales. Falling architecture billings point to feeble nonresidential construction spending into 2025. Goods trade deficit narrows in June, but still expected to weigh on Q2 GDP growth.
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