New economic data for July shows U.S. growth is slowing

The first July economic data is out — and it looks pretty good for the U.S. economy.

Why it matters: There's growing confidence that the U.S. can pull off a so-called soft landing, that is, taming inflation without annihilating employment or growth.

• Economic updates for July will show if this still seems to be the case.

The latest: Released Monday, the S&P Global Flash Purchasing Managers' Index showed U.S. services sector continuing to expand in July, though at a slightly slower rate than June. And manufacturing continues to contract, albeit not quite as steep a drop as expected.

• A PMI number of less than 50 indicates contraction in the sector.

Context: Similar purchasing managers data is released for countries all over the world, allowing a succinct way to compare economic conditions.

• The fresh PMI numbers show the U.S. economy in a better light than many comparable countries, particularly in Europe — which is suffering from a sharp downturn in manufacturing activity due in part to weak demand from China.