US Services

A spike in imports accounts for a large share of the setback, reflecting a scramble by companies to secure goods from overseas ahead of tariffs from the Trump administration

ISM's measure of services employment increased to 51.1 - growing for the first time since January - from 46.1 in June, second-largest in more than three years

With the labor market still tight and inflation elevated, the US central bank is expected to resume raising rates this month after skipping in June

The deterioration in the trade relations between the two economic giants pressured financial markets

But jump in employment to two-yr high pointed to sustained labour market strength