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MNI DATA BRIEF: US June Services ISM Slips From May Highs

US June ISM Services PMI 60.1 VS 64.0 May; Prices 79.5 vs 80.6 May

LONDON (MNI)

The ISM Services PMI declined 3.9pt to 60.1 in June, falling to the lowest level since Feb 2021. June's downtick was broad-based with every major category posting a decline, led by Employment which fell 6pt to 49.3, its first reading below the 50-mark since December 2020.

The Business Activity index declined 5.8pt in Jun, while New Orders and Supplier Deliveries fell 1.8pt and 1.9pt, respectively. Among the other categories, Exports showed the largest decline, down 9.3pt to 50.7, its lowest level since Jan. While Inventory Sentiment ticked down 3.3pt to 37.2, Inventories eased 1.6pt to 49.9 and Prices edged down 1.1pt to 79.5, which is still a very high level. Imports jumped 7.8pt to 58.2 in Jun, posting the highest level since Apr 2013, while Order Backlogs rose 4.7pt to a record high of 65.8.

Last week, the latest manufacturing ISM also posted a fall, with an official telling MNI that output had been hurt by workers switching to the services sector. Both the manufacturing and services ISM readings mirror the MNI Chicago Business Barometer that was released June 30 and showed a dip to a 4-month low.

ISM Services PMI

Source: Bloomberg

MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
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