Source: Institute of Supply Management
US Services PMI cooled to an expansion of 60.1% in June, after shedding 3.9 percentage points from a record 64% in May. SPY is down -0.64%, QQQ is up +0.10%, DXY is up +0.30%
- Business Activity Index was 60.4% in June, a 5.8% plunge from May, but representing expansion for the 13th month in a row.
- The Supplier Deliveries Index fell by 1.9% from May to 68.5% in June, remaining above the 50% mark on improving economy and rising customer demand.
- The Prices Index shed 1.1% to hit 79.5% in June suggesting a rise in prices at a slower rate.
- The Backlog of Orders Index expanded by 4.7% to hit 65.8%, the 12th time in 13 months.
- New orders registered growth, with the rate of expansion slowing by 1.8% to an index of 62.1%
- Gains in service sector employment contracted, with the index down to 49.3% after five consecutive months of expansion.
- Material shortages, logistical issues, and inflation continued to adversely impact the business conditions.
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