US June Services PMI at 51.2, Slightly Below Forecast
Summary
- The US June services PMI was 51.2, slightly below the market forecast of 51.3.
- The services PMI remained above 50, signaling continued expansion, though the pace was weaker than expected.
- Markets will look to the FOMC minutes and initial jobless claims due later this week for further clues on the Fed’s future rate path.
Forecast Trend Report by Period
The US services purchasing managers’ index for June came in slightly below market expectations.
The June services PMI, released on July 6, stood at 51.2, just under the consensus forecast of 51.3. The previous reading was 51.3.
The PMI tracks business conditions through surveys of corporate purchasing managers. A reading above 50 typically signals expansion, while a reading below 50 indicates contraction.
The latest data showed the US services sector remained in expansion territory, though it was not as strong as expected. The improvement in the composite PMI from the previous month was a positive sign. Still, the softer-than-expected services reading also highlighted the possibility of slowing economic momentum.
Markets will look later this week to minutes from the Federal Open Market Committee and weekly initial jobless claims for further clues on the Federal Reserve’s rate path.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.