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US non-manufacturing PMI falls to lowest since May 2020: ISM

US non-manufacturing PMI falls to lowest since May 2020: ISM
Service businesses continue to struggle to replenish inventories, says chair of industry group

By Ovunc Kutlu

ANKARA (AA) - The US' non-manufacturing purchasing managers’ index (PMI) declined in June to its lowest since May 2020, the Institute for Supply Management (ISM) said Wednesday.

The index, which indicates the overall economic condition for the non-manufacturing sector, fell to 55.3%, down 0.6 percentage points from 55.9% in May.

The expectation was for it to come in at 54.3%.

"Services businesses continue to struggle to replenish inventories, as the Inventories Index contracted for the first time since January 2022; the reading of 47.5% is down 3.5 percentage points from May’s figure of 51%," Anthony Nieves, chair of the ISM Services Business Survey Committee, said in a statement.

"Growth continues — albeit slower — for the services sector, which has expanded for all but two of the last 149 months. The slight slowdown in services sector growth was due to a decline in new orders and employment," he added.


source: News Feed
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