In June, US service sector activity contracted at its fastest pace in four years, ISM Services PMI fell to 48.8.
In June, US service sector activity contracted at the fastest pace in four years due to a sharp pullback in business activity and declining orders, according to the Institute for Supply Management (ISM). The ISM Services PMI fell 5 points to 48.8, with subindices for business activity, new orders, and prices paid also contracting. The report suggests a further moderation in growth and reinforces the case for the Federal Reserve to continue raising interest rates.
July 03, 2024
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