ISM report: U.S. non-manufacturing PMI slightly down to 56.0 in June

Nathan Andrada – Fourth Estate Cooperative Contributor

Tempe, AZ, United States (4E) – Service providers in the U.S. saw their activity fell slightly in June, but remained at a high level, further evidence that momentum in returning in the world’s largest economy, according to a business survey released Thursday.

The Institute of Supply Management (ISM) non-manufacturing purchasing manager’s (PMI) index declined to 56.0 in June from May’s reading of 56.3. Analysts had forecast the measure to stay flat at 56.3 last month.

The ISM’s new orders index climbed to 61.2, the highest level since January 2011, from the prior month’s 60.5 mark.

A reading above 50.0 indicates expansion in the non-manufacturing sector, while below 50.0 indicates contraction of activity in the sector.

Meanwhile, the prices index fell 0.2 points to 61.2 in June from 61.4 in May. The index for employment edged higher to 54.4, this year’s highest reading since January, from the previous month’s 52.4 reading.

The group’s services survey covers several industries including finance, health care, retailing and utilities.

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