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

July 7, 2021 by Forex Winner Leave a Comment

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 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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