According to CoinMeta, data released on Wednesday showed that the U.S. service sector continued to expand steadily in July. The service sector index rose by 0.1 points to 54.1, indicating that the industry is in an expansionary state. The growth rate of new orders accelerated, and business activity indicators reached a five-month high, showing that consumer demand remains resilient. However, ongoing increases in service and material costs are putting pressure on businesses. Due to the breakdown of the temporary agreement between the United States and Iran, which drove up prices of crude oil and gasoline, the input cost price index soared to 70.3 in July. Under the pressure of persistently high costs, corporate profits have been affected, and some companies may choose to delay hiring. The institution's employment indicators show that the number of employees in businesses has seen the most significant contraction since March.