S&P Global’s final June services PMI was 51.2 and composite PMI 51.9, while ISM’s services PMI eased to 54.0 as business activity and new orders slowed and the prices index fell.
U.S. June business surveys pointed to modest cooling in services activity while remaining in expansion territory. S&P Global’s final June services PMI was 51.2, down from 51.3, and its composite PMI, which combines services and manufacturing activity, fell to 51.9 from 52.2. Separately, the Institute for Supply Management’s services PMI eased to 54.0 from 54.5, slightly below expectations of about 54.2. In the ISM report, business activity dropped to 55.4 from 57.7, new orders declined to 55.1 from 57.3, employment rose to 51.2 from contraction to expansion for the first time since February, and the prices index fell to 67.7 from 71.3, suggesting easing services inflation that the Federal Reserve is likely to monitor closely.