Economic activity in the services sector grew in June for the 13th month in a row, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®. The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: "The Services PMI registered 60.1 percent, which is 3.9 percentage points lower than May's all-time high reading of 64 percent. The June reading indicates the 13th straight month of growth for the services sector, which has expanded for all but two of the last 137 months. "The ... (full story)

After a mixed picture in Manufacturing surveys in June (PMI marginally higher, ISM marginally lower), and serially down-trending 'hard' data, this morning's Services surveys show a serious and coordinated disappointment as ISM Servceis tumbled from 64.0 to 60.1 and Markit's PMI dropped from 70.4 to 64.6... {chart} Most ISM components plunged. The IHS Markit U.S. Composite PMI Output Index posted 63.7 in June, down from May's recent high of 68.7. The overall upturn eased following slower output expansions across both the manufacturing and service sectors. Nonetheless, the rate of growth in activity was substantial and ... (full story)