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Positive Revision For Final Service PMI Heading Into ISM

  • The final service PMI for June saw a decent upside revision at 52.7 vs the flash 51.6 but still down from 53.4 in May.
  • The details read negatively almost across the board though, with new orders declining for the first time since Jul’20 as some firms highlight the negative impact of inflationary pressures.
  • Input prices saw a further substantial rise even if inflation did ease from May’s survey peak but whilst “firms often passed on higher costs to their customers, but efforts to stimulate demand led to a further slowdown in charge inflation.”
  • Forward looking business confidence at a 21-month low, hinting at “falling economic activity as we head through the summer” as what data imply has been “a stalling of GDP at the end of Q2”.
  • Attention turns to ISM services.

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