ISM Services PMI at 50.8%

Source: Dukascopy Bank SA
Economic activity in the U.S. services sector grew in June, rebounding after a brief contraction in May, according to the latest ISM® Services PMI® report. The index registered 50.8 percent, up from 49.9 percent in May, signaling expansion for the 11th time in the past 12 months. However, this reading remains below the 12-month average of 52.4 percent, reflecting modest growth overall. Business activity showed a solid rebound, climbing to 54.2 percent after holding flat in May, while new orders returned to expansion territory at 51.3 percent, reversing the previous month's decline. On the downside, the backlog of orders continued to shrink, dropping to 42.4 percent—its lowest level since August 2023—indicating companies are working through existing orders faster than new ones are coming in.



Employment showed some weakness, with the index falling to 47.2 percent, marking contraction for the third time in the last four months and pointing to a softer job environment in the services sector. Supplier deliveries slowed slightly, registering 50.3 percent, which is typically a sign of healthy demand. Inventories grew to 52.7 percent, showing businesses are rebuilding stock, while inventory sentiment remained strong despite easing somewhat from the previous month. Prices remained elevated at 67.5 percent, slightly lower than May but still signaling continued cost pressures on service businesses. Ten industries reported growth in June, the same as in May, suggesting steady, if cautious, expansion.
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