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The Flash Purchasing Managers Indices (PMI) for July for the main developed economies indicate widespread supply constraints. For the US, the Flash Composite PMI, a gauge of private sector activity in both the manufacturing and services sectors, came in at 59.7, compared to June’s 63.7. That was due to a loss of momentum in the services sector, but it was only to be expected, as pent-up demand normalises. Flash PMIs are advance estimates of economic activity, typically taken from 85-90 per...