Good news from the American side, the services sector activity advanced during the previous month from lows where it had been settling during more than two years. Moreover, data managed to beat significantly consensus expectations. The ISM Non-Manufacturing PMI soared to 56.5 points, showing steep growth rather than mediocre growth. It is important to mention, that the May reading had been the weakest release since February 2014, while June's number, in turn, was the highest since October 2015. Although, the employment component rose from 49.7 to 52.7 points, which is a good sign for the jobs report. The following rebound could imply a jump in jobs, which is highly desirable after May's terrible report. In the meantime, the final June US PMI services-sector data slipped to 51.4 from the flash 51.3, however, markets were expecting a slightly bigger upward revision. The composite index was confirmed at 51.2 from 50.9 previously.
Overall strong doubts surrounding the economic performance will continue to persist, especially, taking into account weak business confidence, despite the ISM data, which was notably more encouraging with a significant monthly improvement in June.
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