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MNI INTERVIEW: ISM Choppiness Not A Clear Signal For Worry

MNI speaks to the Chair of the ISM Services Business Survey Committee.

Activity in the U.S. service sector declined sharply in June but it is too early to tell whether this augurs further weakening in the sector's outlook later this year, Institute for Supply Management chair Steve Miller told MNI Wednesday.

The ISM services composite gauge plunged 5.0 percentage points to 48.8 in June, well below consensus expectations for 52.5, and the lowest since May 2020. The deterioration was driven by a slide in the new orders index and lower business activity. The services sector has been in contraction territory for two of the last three months.

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Activity in the U.S. service sector declined sharply in June but it is too early to tell whether this augurs further weakening in the sector's outlook later this year, Institute for Supply Management chair Steve Miller told MNI Wednesday.

The ISM services composite gauge plunged 5.0 percentage points to 48.8 in June, well below consensus expectations for 52.5, and the lowest since May 2020. The deterioration was driven by a slide in the new orders index and lower business activity. The services sector has been in contraction territory for two of the last three months.

Keep reading...Show less