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Services PMI Confirmed At Highest In Over Two Years

US DATA
  • Services PMI was revised a little higher to 55.3 in the final June release (prelim and cons 55.1) after 54.8 in May.
  • It’s a fresh high since Apr’22 and the press release (full here) points to the improved business outlook but the upcoming ISM services report at 1000ET will likely set the tone.
  • “Growth momentum improved in the US service sector in June, with firms seeing sharper increases in both business activity and new orders. Companies responded to growth of new business by increasing workforce numbers for the first time in three months, but backlogs of work built up nonetheless.”
  • “Rates of increase in both input costs and output prices eased in June, but in each case remained above pre-pandemic averages. Higher labor costs were central to price rises.”
  • The composite PMI subsequently increased to 54.8 (prelim 54.6) after 54.5 in May.
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  • Services PMI was revised a little higher to 55.3 in the final June release (prelim and cons 55.1) after 54.8 in May.
  • It’s a fresh high since Apr’22 and the press release (full here) points to the improved business outlook but the upcoming ISM services report at 1000ET will likely set the tone.
  • “Growth momentum improved in the US service sector in June, with firms seeing sharper increases in both business activity and new orders. Companies responded to growth of new business by increasing workforce numbers for the first time in three months, but backlogs of work built up nonetheless.”
  • “Rates of increase in both input costs and output prices eased in June, but in each case remained above pre-pandemic averages. Higher labor costs were central to price rises.”
  • The composite PMI subsequently increased to 54.8 (prelim 54.6) after 54.5 in May.