US ISM Services PMI dropped to 60.1 in June, down from 64.0, missed expectation of 63.5. Business activity/production dropped -5.8 to 60.4. New orders dropped -1.8 to 62.1. Employment dropped -6.0 to 49.3, back in contraction. Supplier deliveries dropped -1.9 to 68.5. Prices dropped -1.1 to 79.5.
ISM said, “The past relationship between the Services PMI and the overall economy indicates that the Services PMI for June (60.1 percent) corresponds to a 3.8-percent increase in real gross domestic product (GDP) on an annualized basis.”
