Services Sector Up for the 13th Consecutive Month amid Slowdowns from May

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 13^th 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 12^th 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.