Services Expansion Continues in 24th Month

Economic activity in the services sector continued to expand in June, the nation’s purchasing and supply executives say in the latest ISM Services PMI Report. The Services PMI registered 54%, the 24th consecutive month in expansion territory.
The report was issued today by Steve Miller, Chair of the Institute for Supply
Management (ISM) Services Business Survey Committee:

“In June, the Services PMI registered 54 percent, a decrease of 0.5 percentage point compared to May’s figure of 54.5 percent. The Business Activity Index remained in expansion territory in June, decreasing 2.3 percentage points to 55.4% from May’s reading of 57.7%.

The New Orders Index registered 55%, 2.2 percentage points below May’s figure of 57.3 percent. The Employment Index expanded for the first time in four months with a reading of 51.2%, a 3.3-percentage point increase from the 47.9 recorded in
May. All of the four subindexes that make up the composite PMI ® were above their 12-month moving averages,” says Miller.