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Small Increase In Final Service PMI

  • Services PMI: finalized 54.4 (flash 54.1) from 54.9 in May
  • Composite PMI: finalized 53.2 (flash 53.0) from 54.3 in May
  • The S&P Global PMI press release notes the continued resilience of the economy: "The surveys signal GDP growth of just under 2% for the second quarter as a whole, albeit with June seeing some loss of momentum."
  • "The worry is that, although selling price inflation has cooled further, June saw increased cost growth in the service sector, which has been the main area of inflation concern in recent months. Higher wages in particular are driving costs up, and could keep selling price inflation stubbornly elevated in the months ahead."

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