US ISM Services PMI dropped from 55.9 to 55.3 in June but beat expectation of 54.5. Looking at some details, business activity/production rose 1.6 to 56.1. New orders dropped -2.0 to 55.6. Employment dropped -2.8 to 47.4. Supplier deliveries rose 0.6 to 61.9. Prices dropped -2.0 to 80.1.
ISM said: “The slight slowdown in services sector growth was due to a decline in new orders and employment…. Logistical challenges, a restricted labor pool, material shortages, inflation, the coronavirus pandemic and the war in Ukraine continue to negatively impact the services sector.”
