9:45a PMI Composite Final
Composite Index 47.7 actual vs 52.3 Prior
Services Index 47.3 actual vs 52.7 prior
Consensus Outlook
The final services PMI for July is expected to hold at the 47.0 which was the first contraction in two years and 5 points below the consensus range.
Definition
US Services Purchasing Managers' Index (PMI) is based on monthly questionnaire surveys collected from over 400 U.S. companies which provide a leading indication of what is happening in the private sector services economy. It is seasonally adjusted and is calculated from seven components, including New Business, Employment and Business Expectations.
10:00a Factory Orders
Month over Month 2.0% actual vs 1.8% (rev) prior
Consensus Outlook
After jumping a much higher-than-expected 0.8 percent in May, factory orders in June are expected to rise 1.1 percent. Advanced data on the durables side of this report were released last week and showed a 1.9 percent rise.
Definition
Factory orders represent the dollar level of new orders for both durable and nondurable goods. This report gives more complete information than the advance durable goods report which is released one or two weeks earlier in the month.
10:00a ISM Service Index
Index 56.7 actual vs 55.3 prior
Consensus Outlook
The ISM services index has been slowing and is expected to slow noticeably in July, to a consensus 53.0 from June's 55.3.
Definition
The Institute for Supply Management surveys more than 375 service-providing firms from 16 industries (construction and mining are included). The services composite index has four equally weighted components: business activity (closely related to a production index), new orders, employment, and supplier deliveries (also known as vendor performance). The first three components are seasonally adjusted but the supplier deliveries index does not have statistically significant seasonality and is not adjusted. For the composite index, a reading above 50 percent indicates that the services economy is generally expanding; below 50 percent indicates that it is generally declining. The supplier deliveries component index requires extra explanation: a reading above 50 percent indicates slower deliveries and below 50 percent indicates faster deliveries.
10:30a EIA Petroleum Inventories
Delayed at source
Dan 
