Services economy activity contracts in June, notes ISM
Services economy contracted in June, following growth in May, continuing a recent uneven path, according to the new edition of the Services ISM Report on Business, which was issued today by the Institute for Supply Management (ISM).
The June Services PMI, at 48.8 8 (a reading of 50 or higher signals growth), fell 5.0% compared to May’s 53.8 reading, which was preceded by a 49.4 April reading that marked the first time the Services PMI contracted since December 2022, when it came in at 49 and prior to that the last month seeing contraction was in May 2020, when it came in at 45.4.
The June Services PMI is 3.3% below the 12-month average of 52.1, with August 2023’s 54.1 marking the high for that period, and June’s 48.8 marking the low mark for that period.
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