The Institute of Supply Management (ISM) today released the June Services Purchasing Managers' Index (PMI). The headline Composite Index fell to 60.1, from 64.0 last month. Today's reading came in below analysts' forecasts of 63.5.
ISM Services dropped from 64.0 to 60.1 and Markit's PMI fell from 70.4 to 64.6. Source: Bloomberg via ZeroHedge
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Create account Try a demo Download mobile app Download mobile appToday's survey still pointed to a strong growth in the services sector although at a softer pace than it did in May. Slower increases were seen for business activity (60.4 vs 66.2), new orders (62.1 vs 63.9) and new export orders (50.7 vs 60) while employment contracted (49.3 vs 55.3) and inventories were little changed (49.9 vs 51.5). Price pressure fell slightly (79.5 vs 80.6). "Challenges with materials shortages, inflation, logistics and employment resources continue to be an impediment to business conditions,” says Anthony Nieves, Chair of the ISM. Especially rising prices remain a concern as the rate of cost inflation was the second-quickest on record. Firms passed on greater costs to clients via the second sharpest increase in average selling prices for goods and services since data collection began in 2009. This points out that the price pressures may remain elevated in the coming months.
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