Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.