ISM® Services Index Decreased to 55.3% in June, Employment Contracted

(Posted with permission). The ISM® Services index was at 55.3%, down from 55.9% last month. The employment index decreased to 47.4%, from 50.2%. Note: Above 50 indicates expansion, below 50 in contraction.

From the Institute for Supply Management: Services PMI® at 55.3% June 2022 Services ISM® Report On Business®

Economic activity in the services sector grew in June for the 25th month in a row — with the Services PMI® registering 55.3 percent, say the nation's purchasing and supply executives in the latest Services ISM® Report On Business®.

The report was issued today by Anthony Nieves, CPSM, C.P.M., A.P.P., CFPM, Chair of the Institute for Supply Management® (ISM®) Services Business Survey Committee: “In June, the Services PMI® registered 55.3 percent, 0.6 percentage point lower than May’s reading of 55.9 percent. This is the lowest reading since May 2020 (45.2 percent). The Business Activity Index registered 56.1 percent, an increase of 1.6 percentage points compared to the reading of 54.5 percent in May. The New Orders Index figure of 55.6 percent is 2 percentage points lower than the May reading of 57.6 percent.
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The Employment Index (47.4 percent) contracted...
emphasis added

This was slightly better than expected.