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Q2 may be a peak in activity, but third quarter growth should be strong, research firm says.

Just like Jeff Bezos' 11 minute trip to space earlier this week, the U.S. economy rocketed higher in the second quarter but is now coming back down to earth, according to data from research firm IHS Markit released Friday .

The research firm IHS Markit said its flash or preliminary composite output index for the U.S. fell to a four-month low of 59.7 in July. That's down from 63.7 in June.

"The provisional PMI data for July point to the pace of economic growth slowing for a second successive month, though importantly this cooling has followed anunprecedented growth spurt in May," said Chris Williamson, chief business Economist at IHS Markit.

"While the second quarter may therefore represent a peaking in the pace of economic growth according to the PMI, the third quarter is still looking encouragingly strong," he added.

IHS Markit said its flash survey of U.S. manufacturers rose slightly to 63.1 in July from 62.1 in the prior month.

A similar survey of service-oriented companies -- banks, restaurants, retailers and the like -- dipped to a five-month low of 59.8 from 64.6 in June.

Inflation and short-term capacity issues remain major sources of uncertainty among businesses. Business optimism about the year ahead fell to the lowest level seen so far this year.

Workers were receiving higher pay, firms reported. This is important to economists because higher inflation can't be sustained without higher wages.

Stocks were higher on Friday as the market recovered from a growth scare earlier in the week.