Markit Services PMI: Business Activity Growth Remains Sharp in June

The June US Services Purchasing Managers' Index conducted by Markit came in at 56.0 percent, down 0.8 from the final May estimate of 56.8. The consensus was for 56.5 percent. Markit's Services PMI is a diffusion index: A reading above 50 indicates expansion in the sector; below 50 indicates contraction.

Here is the opening from the latest press release:

Robust June survey data indicated that the U.S. service sector enjoyed its strongest quarter for three years. The latest rise in output was the second-fastest since April 2015, behind May’s recent high. The rate of new order growth remained sufficiently strong to encourage the second-highest degree of job creation since September 2015. The rate of input price inflation meanwhile matched that seen in May and was the joint-fastest since September 2013. Output charges also increased strongly in response to robust demand. [Press Release]

Here is a snapshot of the series since mid-2012.