The Institute for Supply Management (ISM) released its June Services Purchasing Managers' Index (PMI), with the headline composite index at 50.8. This was consistent with the forecast and moves the index back into expansion territory after one month of contraction.
Here is an excerpt from the report summary:
Miller continues, “June’s PMI® level is a welcome return to expansion, although slow growth and economic uncertainty were frequently referenced by respondents. This month’s reading is equal to the average reading of 50.8 percent over the prior three months, indicating both stability and slight expansion in that time period. Both the Business Activity and New Orders indexes returned to expansion territory, although the Backlog of Orders Index contracted at a faster rate compared to May. Price increases impacting costs of operations were mentioned more frequently this month. Middle East tensions were a new subject of comments in June, but there was no indication of related supply chain disruptions. The most common topic among survey panelists continued to be concerns about impacts related to tariffs.”
Here is a table showing the PMI's components.
