While manufacturing might be slowing a bit, the American service sector got a sizable boost over the last month.
The ISM Non-Manufacturing (Service) PMI index for the United States rose to 59.1 in June of 2018 from 58.6 in May, beating market forecasts of 58.3. It is the highest reading since February as business activity and new orders rose faster and price pressures eased. Companies continue to be optimistic about business conditions and the overall economy although there is a continuing concern relating to tariffs, capacity constraints and delivery.
Faster increases were seen in business activity (63.9 from 61.3), new orders (63.2 from 60.5) and new export orders (60.5 from 57.5) and price pressures slowed (60.7 from 64.3). On the other hand, slowdowns were seen in employment (53.6 from 54.1), supplier deliveries (55.5 from 58.5), inventories (53.5 from 57.5) and backlog of orders (56.5 from 60.5).
The 17 non-manufacturing industries reported growth in June — listed in order — are: Mining; Construction; Wholesale Trade; Retail Trade; Public Administration; Educational Services; Real Estate, Rental & Leasing; Management of Companies & Support Services; Transportation & Warehousing; Health Care & Social Assistance; Utilities; Finance & Insurance; Arts, Entertainment & Recreation; Other Services; Professional, Scientific & Technical Services; Information; and Accommodation & Food Services. The only industry reporting a decrease is Agriculture, Forestry, Fishing & Hunting.
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