US ISM Services PMI rose from 50.3 to 53.9 in June, above expectation of 51.3. Business activity/production jumped from 51.5 to 59.2. New orders rose from 52.9 to 55.5 Employment rose from 49.2 to 53.1. Prices dropped from 56.2 to 54.1.
ISM said, “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for June (53.9 percent) corresponds to a 1.4-percent increase in real gross domestic product (GDP) on an annualized basis.”
