US Services Sector Holds Steady as June ISM PMI Matches Estimates
Key Facts
In a move reflecting the resilience of the US economy against inflationary pressures, service sector activity showed notable stability last month. The ISM Non-Manufacturing PMI for June came in at 54.0, exactly matching consensus estimates. According to reports, this figure indicates a continued state of expansion in the sector, despite a slight decline from the previous month's reading of 54.5 points.
This stability in the services sector, which represents the largest portion of US GDP, comes as markets monitor signs of economic deceleration. In comparison to other regions, market data shows that China's Manufacturing PMI stood at 50.6, while the UK's quarterly GDP grew by 0.6%. The steady ISM reading suggests that price pressures within the 'prices paid' component remain a critical factor in assessing broader economic health.
Looking ahead, markets are awaiting key economic releases that could influence monetary policy directions. Significant upcoming events include a speech by ECB President Lagarde and Eurozone inflation data.
Latest Updates · 1
- Notable·
Update: Detailed ISM data revealed that the new orders index fell 2.2 points to 55.1, alongside a 2.3-point decline in the business activity index. Despite the cooling in orders, the report highlighted improved hiring levels, supporting the sector's 24th consecutive month of expansion.